Schlumberger Buys Antonoil Stake - Analyst Blog
09 Julho 2012 - 10:15AM
Zacks
The world’s largest
oilfield-services provider, Schlumberger Limited
(SLB) acquired stakes of a Hong Kong-listed Chinese oilfield
services company, Anton Oilfield Services Group (Antonoil).
Schlumberger procured 20.1%
interest, or 423,361,944 shares of Antonoil, which declined to
comment on the transaction price. However, based on Antonoil’s
total market capitalization of $408 million as of July 6, 2012,
Reuters projected the value of the shares at approximately $80
million.
Established in 1999, Antonoil is
among the few privately controlled oilfield service companies in
China that joined hands with Schlumberger back in 2010 related to a
cooperation agreement over drilling fluids and well-cementing
services. The deal constituted an integral part of the Chinese
oilfield services industry.
We believe Schlumberger's
combination of technological leadership and management depth will
prove beneficial for Antonoil over the long term, boosting the
Chinese company’s reputation as one of the country’s foremost
oilfield service providers. This will eventually improve Antonoil’s
long-term revenue and profit.
The latest deal will not allow
Schlumberger to intervene in Antonoil’s management, leaving the
latter’s collaboration with other business associates unchanged.
Again, this move will aid Antonoil as well as Schlumberger to
explore the wide-ranging opportunities in the Chinese market.
We believe Schlumberger is favorably
positioned to operate within the current oilfield services
scenario, given the acceleration in international drilling
activity, pricing improvements and an expected recovery in its
seismic operations.
Schlumberger should also benefit
from its oil-driven international growth prospects and near-term
North American performance, given its leading position in
exploration drilling. The company’s top line should continue to
improve going forward due to promising indications from Africa, the
Middle East and the Gulf of Mexico. The Middle East and Asia
constituted 23% of Schlumberger’s revenue last year.
Schlumberger, which ranks ahead of
Halliburton Company (HAL) as the biggest member of
the oilfield services contingent, holds a Zacks #3 Rank, which is
equivalent to a Hold rating for a period of one to three months.
Longer term, we maintain a Neutral recommendation on the stock.
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