Schlumberger Ltd. (NYSE: SLB) said April 1 it closed its nearly $15 billion merger with Cameron International Corp.
The deal expands the Houston-based oilfield services giant into new territory in subsea and equipment manufacturing. The merger 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 integration, according to the release.
"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," Paal Kibsgaard, chairman and CEO of Schlumberger, said in a statement.
As part of the transaction 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 about 138 million shares pursuant to the merger.
As a result, former Cameron stockholders own about 10% of Schlumberger’s outstanding shares of common stock, the release said.
Scott Rowe, former CEO of Cameron, has assumed the role of Schlumberger Cameron Group president.
RELATED: Schlumberger, Cameron Look To Meld Science, Tech In $15 Billion Merger
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