Service & Supply | Oilfield Services
Liberty Wraps Up Purchase of Schlumberger's Onshore Frac Biz
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Liberty Oilfield Services Inc. has closed the deal for Schlumberger's onshore hydraulic fracturing business in the United States and Canada (OneStim), including its pressure pumping, pumpdown perforating, and Permian frac sand businesses, in exchange for a 37% equity interest in Liberty.
Liberty CEO Chris Wright said: "Today, Liberty has laid the foundation for a new era of technology and sustainability in the oil and gas industry. We are driven to advance global energy access by bringing hydrocarbons to the surface in a clean, safe and efficient way. Together, the talent and technology at Liberty enable us to execute on this responsibility, and we are excited to welcome our new employees and customers to the Liberty family. Our expanded technology portfolio, dedicated team of professionals and breadth of operations form the foundation for us to achieve greater innovation and efficiency to deliver the best service to our customers and returns to our shareholders."
Schlumberger CEO Olivier Le Peuch added: "This transaction positions Schlumberger to benefit from the strong recovery already underway in North American shale activity. Our experience with Liberty over the past few months has confirmed our belief that this is the right combination for the future. We are proud to participate in the North America market with an organization that combines scale, technology, customer portfolio and talent unmatched in the industry. We look forward to realizing the synergies and to leverage our alliance agreement for further technology collaboration with Liberty."
Concurrent with the closing, Liberty added two representatives from Schlumberger to its board of directors -Simon Ayat, Senior Strategic Advisor and former Executive Vice President and Chief Financial Officer, and James R McDonald, President of Americas Land.
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