EU approves Schlumberger-Cameron merger

Oilfield services giant Schlumberger has been given the green light to takeover an equipment provider in the sector. The EU Commission has approved the merger with Cameron which is worth $14.8 billion (£9.81bn). The transaction was previously granted permission by investors of both companies, the US Department of Justice, Canada, Brazil, Russia and Mexico. Schlumberger […]

Schlumberger buys stake in Russian drilling firm

Oilfield services firm Schlumberger is buying a minority stake in a Russian drilling firm. It is taking a 45.65% share of the Eurasia Drilling Company (EDC) which is the largest provider of onshore drilling services in Russia. The deal sees roughly $1.7 billion (£1.1bn) changing hands, including the cost of a “call option” which would […]

Schlumberger axes 9,000 oil jobs

Swingeing job cuts have hit the workforce of global oilfield services firm Schlumberger. It announced yesterday it axed 9,000 jobs last year, around 7% of its original 126,000 workforce. Lowering its headcount would “better align with anticipated activity levels for 2015″, it said. The company said the falling oil price was partly to blame for shrinking its revenue […]

Petrofac seeks bigger horizons with new partner Schlumberger

London Stock Exchange-listed oil producer Petrofac is teaming up with oil and gas technology provider Schlumberger to snare bigger business opportunities. Petrofac’s Integrated Energy Services (IES) and Schlumberger Production Management will work together on securing new projects. Andy Inglis, chief executive of Petrofac IES said: “The creation of this framework will enable us to bid […]