Schlumberger, a leading supplier of technology and integrated project management solutions, has announced that it has closed its merger with US-based Cameron International Corporation, a global provider of pressure control, processing, flow control and compression systems.

As per the deal, each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash, in exchange for each Cameron share.

Schlumberger has issued 138 million shares pursuant to the merger. As a result, former Cameron stockholders own approximately 10 per cent of Schlumberger’s outstanding shares of common stock.

The transaction combines two complementary technology portfolios into a pore-to-pipeline products and services offering to the global oil and gas industry.

The merger will create technology-driven growth by integrating Schlumberger reservoir and well technology with Cameron wellhead and surface equipment, flow control and processing technology. This will result in the industry’s first complete drilling and production systems, which are enabled by Schlumberger expertise in instrumentation, data processing, control software, and system integration.

On the merger, Paal Kibsgaard, the chairman and chief executive said: "I am very pleased to welcome Cameron employees, customers and shareholders to Schlumberger. As a combined company, we will drive total system performance through a much closer integration between the surface and subsurface components of both drilling and production systems."

"We are ready to begin the process of realizing the synergies made possible by this merger and our focus in the near term is on the execution of our integration plans, while continuing to deliver safety and quality in our field operations," he stated.

Scott Rowe, former CEO of Cameron, who has assumed the role of Schlumberger Cameron Group president, said: "This is an exciting time for all Cameron employees as we integrate our portfolio with Schlumberger technologies to deliver improved operational performance, higher levels of cost efficiency, and close commercial alignment through new risk-based business models, while continuing to focus on the needs of our customers."

Employing 95,000 people representing over 140 nationalities, Schlumberger provides the industry's widest range of products and services from exploration through production. It has principal offices in Paris, Houston, London and The Hague, and reported revenues of $35.47 billion in 2015.-TradeArabia New Service