Schlumberger and Camco signed merger agreement valued at $3.14
billion on Friday. The deal creates a company that will offer an
unmatched array of oilfield services wolrdwide. Consolidated
operating revenue and net income of Schlumberger and Camco would
have been $11.6 billion and $1.38 billion in 1997. The current
combined market capitalization is $37 billion. Under the terms of
the agreement, Camco shareholders will receive 1.18 newly issued
shares of Schlumberger common stock for each outstanding share of
Camco common stock. Camco will be operated as a division within the
Schlumberger Oilfield Services group. "Camco will be able to add
its technology of production operations to the well known
technology of Schlumberger in areas of reservoir enhancement. We
have practically no overlap of operations and have worked
successfully with Schlumberger in many areas of the world,'' said
Gilbert Tausch, Camco CEO.
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