Schlumberger and Camco signed merger agreement valued at $3.14billion on Friday. The deal creates a company that will offer anunmatched array of oilfield services wolrdwide. Consolidatedoperating revenue and net income of Schlumberger and Camco wouldhave been $11.6 billion and $1.38 billion in 1997. The currentcombined market capitalization is $37 billion. Under the terms ofthe agreement, Camco shareholders will receive 1.18 newly issuedshares of Schlumberger common stock for each outstanding share ofCamco common stock. Camco will be operated as a division within theSchlumberger Oilfield Services group. “Camco will be able to addits technology of production operations to the well knowntechnology of Schlumberger in areas of reservoir enhancement. Wehave practically no overlap of operations and have workedsuccessfully with Schlumberger in many areas of the world,” saidGilbert Tausch, Camco CEO.

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