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Schlumberger acquires Cameron

August 26, 2015

The world's largest oilfield services company, Schlumberger, has said it's acquiring equipment maker Cameron. The two firms are hoping to save on costs through synergy effects after the merger.

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Ölfelder in Bahrain
Image: AP

The deal announced Wednesday has Schlumberger buying Cameron in a deal valued at $14.8 billion (13 billion euros).

The Franco-American oilfield services company said the combined group would cover a host of drilling services and processing activities.

Schlumberger added it hoped to free up $900 million through synergies in the first two years after the acquisition.

Crude price a headache

"We believe that the industry's next technical breakthrough will be achieved through integration of Schlumberger's reservoir and well technologies with Cameron's leadership in surface, drilling, processing and flow control technologies," Schlumberger Chairman Paal Kibsgaard said in a statement.

Under the proposed deal, Cameron investors will receive $14.44 billion in cash and 0.176 unit of Schlumberger stock for every Cameron share they own.

Both company boards unanimously approved the acquisition, which is to close in the first quarter of next year - though it still must cross a final hurdle: Formal approval by Cameron shareholders.

The two firms are seeking to offset the impact of falling oil prices through increased efficiencies and innovative technologies.

hg/nz (AP, AFP)