International
Schlumberger and Weatherford to Form OneStim Joint Venture

Schlumberger and Weatherford announced an agreement to create OneStimSM, a joint venture to deliver completions products and services for the development of unconventional resource plays in the United States and Canada land markets. The joint venture will offer one of the broadest multistage completions portfolios in the market combined with one of the largest hydraulic fracturing fleets in the industry.
Weatherford will contribute its leading multistage completions portfolio, cost-effective regional manufacturing capability, and supply chain. Schlumberger will provide the joint venture with access to its industry-leading surface and downhole technologies, efficient operational processes and advanced geo-engineered workflows.
Schlumberger and Weatherford will have 70/30 ownership of the joint venture, respectively. The transaction is expected to close in the second half of 2017, and is subject to regulatory approvals and other customary closing conditions. Under the terms of the formation agreement, Schlumberger and Weatherford will contribute all their respective North America land hydraulic fracturing pressure pumping assets, multistage completions, and pump-down perforating businesses. Weatherford will also receive a one-time $535 million cash payment from Schlumberger.
Schlumberger will manage the joint venture and consolidate it for financial reporting purposes. Schlumberger Chairman and CEO Paal Kibsgaard commented, “The joint-venture creates a new industry leader in terms of hydraulic horsepower and multistage completions technologies in North America land, which through its scale offers a cost-effective and highly competitive service delivery platform. OneStimSM is uniquely positioned to provide customers with leading operational efficiency and best-in-class hydraulic fracturing and completions technologies, while at the same time significantly improving full-cycle shareholder returns from this market.”
Weatherford Chairman William E. Macaulay said, “The OneStimSM joint venture creates a leading unconventional products and services provider in North America land. This transaction will allow Weatherford to deleverage its balance sheet while retaining a significant exposure to the unconventional market. This transaction was unanimously approved by the Board of Directors and will create significant value for both parties.
-
Banking & Finance5 days ago
Oman Arab Bank Announces Increase of Authorised Capital to RO500mn and Paid‑In Capital Boost of RO50mn
-
OER Magazines2 months ago
OER, April 25
-
Renewables1 month ago
Jindal Renewables and OQ Alternative Energy Sign Joint Development Agreement to Advance Integrated Renewable Power Projects in Oman
-
Business2 months ago
St. Petersburg International Economic Forum 2025 unveils its Business Programme
-
Alamaliktistaad Magazines1 month ago
Al-Iktisaad, May 25
-
Leaders Speak1 month ago
OERLive SPOTLIGHT: Oman Sustainability Week 2025 and Oman Petroleum & Energy Show
-
OER Magazines1 month ago
OER, May 2025
-
Bahrain4 days ago
SPIEF 2025 focused on global and regional economic processes, market transformation, new tech, investment climate, financial policy and people
You must be logged in to post a comment Login