Schlumberger reaches Cameron deal

Oilfield services giant Schlumberger announced Wednesday that it had reached an agreement to acquire US contractor Cameron International Corporation. The $14.8-billion deal will see Cameron bought for $66.36 in stock and cash per share.

Under the terms of the agreement, each Cameron share will be exchanged for $14.44 and 0.716 shares of common stock in Schlumberger. Cameron shareholders must still approve the transaction, which is expected to be finalised by the first quarter of 2016.

“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,” Schlumberger chairman and CEO Paal Kibsgaard said in a company press release.

In 2012, the two US firms formed offshore oil and gasfield services company OneSubsea. The joint venture has conducted drilling and other services around the world, including the Gulf of Mexico, where it is currently under contract to provide Shell with subsea processing systems for the super-major’s Stones development.

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