Schlumberger buys French oil services company Geoservices for $1.07 billion
By APWednesday, March 24, 2010
Schlumberger acquires Geoservices for $1.07B
NEW YORK — Schlumberger Ltd. on Wednesday said it bought a French oil services company for $1.07 billion.
Houston-based Schlumberger said it bought The Geoservices Group, a specialized company with 5,000 employees and operations in 52 companies, from French private equity firm Astorg Partners and an unspecified number of minority shareholders.
Geoservices has several technologies that will combine with Schlumberger’s to help customers identify and react to drilling hazards, and bring a more complete understanding of the geology of an area, Schlumberger Chairman and CEO Andrew Gould said in a statement.
In 2009, Schlumberger had revenue of $22.7 billion. Geoservices had about $491 million revenue.
Schlumberger shares slipped 82 cents to $62.21 in Wednesday trading. The stock has moved between $39.11 and $72 in the past 52 weeks.
