Schlumberger has wrapped up its business deal that will give it a 37% equity interest in Denver-based Liberty Oilfield Services, Inc.
Liberty announced the completion of Schlumberger’s contribution of its onshore hydraulic fracturing business on Dec. 31, 2020. The contribution included Schlumberger’s pressure pumping, pumpdown perforating and Permian frac sand businesses.
Despite the 37% involvement by Schlumberger, Liberty will continued to be led by its current management team.
“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,” said Chris Wright, Liberty Chairman and Chief Executive Officer.
Schlumberger’s CEO Olivier Le Peuch said the transaction means his company will benefit from the strong recovery already underway in North American shale activity.
As a result of the deal, Liberty added two Schlumberger representatives to its board of directors including Simon Ayat, Senior Strategic Advisor and former Executive Vice President and CFO and James R. McDonald, President of Americas Land.
Source: BusinessWire