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North American pressure pumping deal completion by Liberty and Schlumberger

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Liberty Oilfield Services Inc and Schlumberger have announced the completion of the contribution of Schlumberger’s onshore hydraulic fracturing business in the United States and Canada (OneStim®) to Liberty on December 31, 2020, including its pressure pumping, pumpdown perforating, and Permian frac sand businesses, in exchange for a 37 percent equity interest in Liberty.

Chris Wright, Liberty chairman and chief executive officer, said: “Today, Liberty has laid the foundation for a new era of technology and sustainability in the oil and gas industry. We are driven to advance global energy access by bringing hydrocarbons to the surface in a clean, safe and efficient way.”

He added: “Together, the talent and technology at Liberty enable us to execute on this responsibility, and we are excited to welcome our new employees and customers to the Liberty family. Our expanded technology portfolio, dedicated team of professionals and breadth of operations form the foundation for us to achieve greater innovation and efficiency to deliver the best service to our customers and returns to our shareholders.”

Olivier Le Peuch, CEO, Schlumberger, said: “Our experience with Liberty over the past few months has confirmed our belief that this is the right combination for the future. We are proud to participate in the North America market with an organisation that combines scale, technology, customer portfolio and talent unmatched in the industry. We look forward to realizing the synergies and to leverage our alliance agreement for further technology collaboration with Liberty.” For more information visit www.slb.com