HOUSTON (AP) – Schlumberger is buying Cameron in a cash-and-stock deal valued at about $12.71 billion that would create an oilfield equipment and service powerhouse.
Cameron was the maker of the blowout preventer on the ill-fated Deepwater Horizon rig, which was rocked by an explosion and fire in 2010 that killed 11 workers and touched off an enormous oil spill.
Cameron International Corp. shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 for each of their shares. That equates to a value of $66.36 per Cameron share. That’s a 56 percent premium to the Houston company’s Tuesday closing price of $42.47.
Schlumberger and Cameron put the acquisition’s total value at $14.8 billion.
The combined company had 2014 pro forma revenue of $59 billion.