SCHLUMBERGER & CAMERON MERGER
Schlumberger Limited (NYSE:SLB) announced 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 integration.
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 field operations."
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."
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