Both companies are due to exhibit at the GRC Annual Meeting & GEA Geothermal Energy Expo
Schlumberger Ltd. on Wednesday said it agreed to buy Cameron International Corp. for about $12.74 billion in cash and stock, the latest move by the world’s biggest oil-field services company as the industry struggles with lower prices and rising supply.
The price tag values Houston-based Cameron—which makes drilling equipment and supplies maintenance equipment to pipelines, refineries and wells—at $66.36 a share, a 56.3% premium to Tuesday’s closing price.
This deals followed Royal Dutch Shell PLC’s nearly $70 billion offer for Britain’s BG Group PLC and Halliburton’s $35 billion deal to acquire smaller oil-field services rival Baker Hughes Inc.
Last month, Halliburton and Baker Hughes agreed to extend until at least Nov. 25 the Justice Department’s antitrust review period of their merger. The companies are the number two and three oil-field servicers, respectively.