Schlumberger agreement to acquire Cameron

Schlumberger Limited and Cameron jointly announced a definitive merger agreement in which the companies will combine in a stock and cash transaction. The August 26 agreement was unanimously approved by the boards of directors of both companies. Schlumberger is a global supplier of technology, integrated project management and information solutions to the oil and gas industry, while Cameron is a provider of flow equipment products, systems and services to worldwide oil and gas industries. The combined company anticipates $300 million and $600 million in synergies in the first and second years.
Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $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.
Paal Kibsgaard, Chairman and Chief Executive Officer of Schlumberger remarked, “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.”

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