Schlumberger and Cameron have announced a definitive merger agreement in which the companies will combine in a stock and cash transaction.
Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of USD 14.44 in exchange for each Cameron share.
The transaction combines two complementary technology portfolios into a “pore-to-pipeline” products and services offering to the global oil and gas industry. On a pro forma basis, the combined company had 2014 revenues of USD 59B.
“We believe that the next industry 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. Deep reservoir knowledge further enabled by instrumentation, software and automation, will launch a new era of complete drilling and production system performance.
Jack Moore, chairperson and CEO of Cameron suggested that this merger will create a premier oilfield equipment and service company with an integrated and expanded platform to drive accelerated growth.
The closing of the transaction will occur in the first quarter of 2016.
