One-Page Deal Sheet
Schlumberger Ends JV; Buys Weatherford Fracturing Assets
Schlumberger Limited Weatherford International Ltd.
Announced Date
December 29,2017
Transaction Type
Asset
Transaction Details: Subscribe to see
Weatherford International today said it has sold its U.S. pressure pumping and pump-down perforating assets to Schlumberger for $430 million in cash. As you might remember, earlier this year, Schlumberger and Weatherford decided to combine Frac assets to form OneStim and at the time, we pondered aloud if this was the first step in Schlumberger buying Weatherfords frac business, well that is now the case.
Additionally, approximately 100 Weatherford employees associated with the pressure pumping and pump-down perforating businesses will transfer to Schlumberger.
Weatherford will retain the…