Oil services group Schlumberger completes Cameron merger

April 03, 2016 | 12:34

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US authorities had given the clearance in November, the EU in February and the Chinese authorities gave their assent last month.

An oil tanker sails offshore Saint-Nazaire, western France, on March 10, 2016 AFP/Loic Venance

PARIS: Franco-American firm Schlumberger, the world's largest oilfield services company, has completed its merger with smaller rival Cameron International Corporation worth US$14.8 billion.

US authorities had given the clearance in November, the EU in February and the Chinese authorities gave their assent last month, paving the way for what Schlumberger termed the sector's leading integrated industrial complex.

Both groups saw the late Friday deal as bringing together complementary technologies.

Employing some 950,000 people and operating in more than 85 countries, Schlumberger supplier technology, integrated project management and information solutions to the oil and gas industry worldwide.

Houston-based Cameron, employing some 23,000 people, provides products, systems and services to the industry.

Schlumberger CEO Paal Kibsgaard welcomed the merger.

"As a combined company, we will drive total system performance through a much closer integration between the surface and subsurface components of both drilling and production systems."

As part of the merger deal, each Cameron shareholder will receive 0.716 Schlumberger shares and $14.44 dollars per Cameron share held, leaving some 10 percent of Schlumberger's capital in the hands of Cameron shareholders, Schlumberger said.

AFP

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