HOUSTON--(BUSINESS WIRE)--Apr. 1, 2016--
Schlumberger Limited (NYSE:SLB) announced today that it has closed its
merger with Cameron International Corporation. As previously announced,
each Cameron stockholder is entitled to receive 0.716 shares of
Schlumberger common stock and $14.44 in cash, in exchange for each
Cameron share. Schlumberger has issued approximately 138 million shares
pursuant to the merger. As a result, former Cameron stockholders own
approximately 10% of Schlumberger’s outstanding shares of common stock.
The transaction combines two complementary technology portfolios into a
pore-to-pipeline products and services offering to the global oil and
gas industry. The merger will create technology-driven growth by
integrating Schlumberger reservoir and well technology with Cameron
wellhead and surface equipment, flow control and processing technology.
This will result in the industry’s first complete drilling and
production systems, which are enabled by Schlumberger expertise in
instrumentation, data processing, control software, and system
Paal Kibsgaard, Chairman and Chief Executive Officer of Schlumberger,
remarked, “I am very pleased to welcome Cameron employees, customers and
shareholders to Schlumberger. 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 realizing 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
Scott Rowe, former Chief Executive Officer of Cameron, who has assumed
the role of Schlumberger Cameron Group President, commented, “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.”
Schlumberger is the world's leading supplier of technology, integrated
project management and information solutions to customers working in the
oil and gas industry worldwide. Employing approximately 95,000 people
representing over 140 nationalities and working in approximately 85
countries, Schlumberger provides the industry's widest range of products
and services from exploration through production.
Schlumberger Limited has principal offices in Paris, Houston, London and
The Hague, and reported revenues of $35.47 billion in 2015. For more
information, visit www.slb.com.
Cameron is a leading provider of flow equipment products, systems and
services to worldwide oil and gas industries.
This press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The
opinions, forecasts, projections, and other statements other than
statements of historical fact, are forward-looking statements.
Schlumberger can give no assurance that such expectations will prove
correct. These statements are subject to the ability to integrate the
merged businesses and to realize expected synergies, as well as other
risk factors that are discussed in Schlumberger’s and Cameron’s most
recent 10-Ks as well as each company’s other filings with the SEC
available at the SEC’s Internet site (http://www.sec.gov).
Actual results may differ materially from those expected, estimated or
projected. Forward-looking statements speak only as of the date they are
made, and we undertake no obligation to publicly update or revise any of
them in light of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160401005900/en/
Source: Schlumberger Limited
Simon Farrant –
Schlumberger Limited, Vice President of Investor Relations
Domingo – Schlumberger Limited, Manager of Investor Relations
+1 (713) 375-3535
Felix – Schlumberger Limited, Director of Corporate Communication
+ 1 (713) 375-3494