Liberty and Schlumberger Close North American Pressure Pumping Transaction
04 Janeiro 2021 - 8:50AM
Business Wire
Supercharging Technology and Scale
Liberty Oilfield Services Inc. (NYSE: LBRT) and Schlumberger
(NYSE: SLB) announced today the completion of the contribution of
Schlumberger’s onshore hydraulic fracturing business in the United
States and Canada (“OneStim®”) to Liberty on December 31, 2020,
including its pressure pumping, pumpdown perforating, and Permian
frac sand businesses, in exchange for a 37% equity interest in
Liberty.
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The transaction strengthens Liberty’s position in offering one
of the most innovative suites of completion services and
technologies to operators in onshore North America. Liberty will
continue to be led by its current management team, developing and
delivering next generation technology for the sustainable
development of unconventional energy resources.
“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,” said Chris Wright,
Liberty Chairman and Chief Executive Officer. “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.”
“This transaction positions Schlumberger to benefit from the
strong recovery already underway in North American shale activity,”
said Olivier Le Peuch, Chief Executive Officer, Schlumberger. “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.
Mr. Wright commented, “I am pleased to welcome Simon Ayat and
James R McDonald to the Liberty board of directors. We are at an
exciting time in our journey as a company, and their considerable
global experience brings a unique perspective to Liberty. Our
technology alliance agreement further complements our established
technology and engineering services that help solve our customers’
challenges, and together, we look forward to enabling the next
generation development of resources.”
About Liberty
Liberty is a leading North American oilfield services firm that
offers one of the most innovative suites of completion services and
technologies to onshore oil and natural gas exploration and
production companies. Liberty was founded in 2011 with a relentless
focus on developing and delivering next generation technology for
the sustainable development of unconventional energy resources in
partnership with our customers. Liberty is headquartered in Denver,
Colorado. For more information about Liberty, please contact
Investor Relations at IR@libertyfrac.com
About Schlumberger
Schlumberger is the world's leading provider of technology and
digital solutions for reservoir characterization, drilling,
production, and processing to the energy industry. With product
sales and services in more than 120 countries and employing
approximately 82,000 people as of the end of third quarter of 2020
who represent over 170 nationalities, Schlumberger supplies the
industry's most comprehensive range of products and services, from
exploration through production, and integrated pore-to-pipeline
solutions that optimize hydrocarbon recovery to deliver reservoir
performance sustainably.
Schlumberger Limited has executive offices in Paris, Houston,
London, and The Hague, and reported revenues of $32.92 billion in
2019. For more information, visit www.slb.com.
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Investors Michael Stock – Liberty Oilfield Services,
Chief Financial Officer Tel: +1 (303) 515-2851
IR@libertyfrac.com
Ndubuisi Maduemezia – Schlumberger Limited, Vice President of
Investor Relations Joy V. Domingo – Schlumberger Limited, Director
of Investor Relations Tel: +1 (713) 375-3535
investor-relations@slb.com
Media Michael Stock – Liberty Oilfield Services, Chief
Financial Officer Tel: +1 (303) 515-2851 IR@libertyfrac.com
Giles Powell – Schlumberger Limited, Director of Corporate
Communication Tel: +1 (713) 375-3494 communication@slb.com
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