Denver-based Liberty Oilfield Services Inc. is set to become the third largest oilfield services operator in North America after clinching a deal to take over Schlumberger Ltd.’s massive hydraulic fracturing business.

OFS revenues

In the agreement, the Houston-based giant is contributing its onshore OneStim completions business in exchange for a 37% stake in Liberty. OneStim provides pressure pumping, pump down perforating and Permian Basin fracture sand across the Lower 48 and onshore Canada.

“The last several months have been extremely challenging for the world, the industry and the Liberty family,” Liberty CEO Chris Wright said. However, “these times also bring opportunity. This transaction will be a transformative step forward in our journey as a company. 

“Our expanded...