OneStim News: Schlumberger Purchases Weatherford Assets | Schlumberger
December 29, 2017
On December 29, Schlumberger finalized a transaction to purchase the US hydraulic fracturing assets and pump-down perforating business from Weatherford. Schlumberger will take ownership of Weatherford’s US-based facilities, field assets, and supplier and customer contracts related to these businesses as part of its new OneStim business.
While the initial intent was to form a joint venture with Weatherford in efforts to accelerate deployment of hydraulic fracturing fleets, financial reassessments were made that led to the decision to change the nature of the transaction.
The OneStim business will operate exclusively in the North America land unconventional market. Schlumberger will manage and operate all activities and will house all existing and acquired assets.
This asset purchase represents a significant footprint expansion and market share advancement in our pressure pumping and pump-down perforating businesses in North America land. It also reinforces Schlumberger’s commitment and focus in our ambition to be the number one choice in North America.
Through greater scale and vertical integration of products and services, the OneStim business will streamline the completion-to-production cycle in the North America land unconventional market.