Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of US$14.44 in exchange for each Cameron share.
 
On a pro forma basis, the combined company had 2014 revenues of US$59 billion.
 
The two companies already operate the OneSubsea joint venture which provides integrated solutions, products, systems and services, including pumps, for the subsea oil and gas market.
 
“This agreement with Cameron opens new and broader opportunities for Schlumberger,” said Paal Kibsgaard, chairman and CEO of Schlumberger. “We believe that the next industry technical breakthrough will be achieved through integration of Schlumberger’s reservoir and well technologies with Cameron’s leadership in surface, drilling, processing and flow control technologies. Deep reservoir knowledge further enabled by instrumentation, software and automation, will launch a new era of complete drilling and production system performance.”
 
“This exciting transaction builds on our successful partnership with Schlumberger on OneSubsea and will position Cameron for its next phase of growth,” said Jack Moore, chairman and CEO of Cameron. “Together, we will create a premier oilfield equipment and service company with an integrated and expanded platform to drive accelerated growth.”
 
Cameron will join Schlumberger as its fourth product group and be headed up by Scott Rowe, Cameron’s president and chief operating officer. Rowe previously served as CEO of OneSubsea.
 
The transaction is expected to close in the first quarter of 2016.