More in

Schlumberger completes Cameron merger

Each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and US$14.44 in cash, in exchange for each Cameron share.

The deal combines two complementary technology portfolios, bringing together Schlumberger reservoir and well technology with Cameron wellhead and surface equipment, flow control and processing technology.

Paal Kibsgaard, chairman and CEO of Schlumberger, said: “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. We are ready to begin the process of realising the synergies made possible by this merger and our focus in the near term is on the execution of our integration plans, while continuing to deliver safety and quality in our field operations.”

Scott Rowe, former CEO of Cameron, and who now becomes president of Schlumberger Cameron Group, added: “This is an exciting time for all Cameron employees as we integrate our portfolio with Schlumberger technologies to deliver improved operational performance, higher levels of cost efficiency, and close commercial alignment through new risk-based business models, while continuing to focus on the needs of our customers.”