Schlumberger Sells Rigs to Saxon - Analyst Blog
06 Dezembro 2011 - 3:34PM
Zacks
In an attempt to focus on its core business of providing
services for rigs, Schlumberger Limited (SLB) is
selling its rig management business to Calgary-based Saxon Energy
Services that it partly owns.
Per the deal, Saxon has purchased the Schlumberger Rig
Management Group comprising units in Oman, Pakistan and Venezuela.
Saxon would absorb 14 land drilling rigs as well as their crew as
it expands into the Middle East.
The agreement is expected to strengthen the ties of the two
companies in well construction and other rig services, at the same
time helping Schlumberger come out of a non-core business. With the
closure of this transaction, Saxon will add nearly 1100 people to
its workforce and expand its rig fleet to 95.
As the world’s largest oilfield services company, Schlumberger
had bought Saxon along with a private equity firm First Reserve in
2008 with the aim of increasing the parents’ presence in Latin
America. Currently, Schlumberger and First Reserve each have a
49.5% interest respectively, while management holds the remaining
1% in Saxon.
The Saxon-Schlumberger partnership dates back to the time when
they were already partners in Mexico and Colombia prior to the $560
million takeover in 2008. Saxon also has drilling and workover rigs
operating in Canada, the United States, Venezuela, Peru and
Ecuador.
Moreover, Saxon will continue to provide technical drilling
contracting support to existing Schlumberger joint ventures and
operations in Saudi Arabia, Algeria, Iraq and Venezuela (Lake
Maracaibo).
Schlumberger has been shedding its offshore drilling rigs over
the past decade. In 1999, Schlumberger sold 44 rigs of Sedco Forex
(offshore subsidiary of Schlumberger) to Transocean
Ltd. (RIG) followed by a couple more to Noble
Corporation (NE) four years later.
Schlumberger has a Zacks #4 Rank, which is equivalent to a Sell
rating for a period of one to three months. For the long term, we
maintain a Neutral rating on the company.
NOBLE CORP (NE): Free Stock Analysis Report
TRANSOCEAN LTD (RIG): Free Stock Analysis Report
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
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