Schlumberger-Cameron merger cleared
USA
HOUSTON, November 18, 2015 – US Federal Trade Commission (FTC) approved the $14.8-billion merger between Schlumberger and equipment manufacturer Cameron. The merger will enable Schlumberger, the world’s largest oilfield services company, to now offer engineering and equipment manufacturing once it fulfils anti-trust requirements.
The merger allows Schlumberger to provide services at a lower cost to exploration companies with tight budgets in the depressed oil price environment, although the company will not be allowed to bundle services because of anti-trust laws.
Schlumberger expects the deal will reduce its operating costs by $300 million in its first year and $600 million in its second and improve its market position following the $35-billion merger between its main competitors Halliburton and Baker Hughes.
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