One-Page Deal Sheet
Schlumberger, Weatherford Form Frac JV
Schlumberger Limited Weatherford International Ltd.
Announced Date
March 24,2017
Transaction Type
JV
Location
Region
United States,Canada
Country
United States
Transaction Details: Subscribe to see
The frac market consolidation continues. Schlumberger and Weatherford today announced they are creating a completions products and services JV called OneStim. Weatherford will receive $535 milliion cash payment from Schlumberger.
What is truly interesting about this deal is that Weatherford has seen its completions products and services business fall to ground.
The deal will see Schlumberger becoming the operator of the JV and majority owner with a 70% stake in the new company.
This follows a similar deal struck by
The company early last year decided to shift its focus on frac operations
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