Schlumberger in talks to purchase Smith International

Major oil and gas services company Schlumberger (SLB) is in talks to purchase Smith International (SII), according to a report from the Wall Street Journal. 

Should Schlumberger complete the acquisition of the smaller oilfield services company, Schlumberger would become an even larger player in the industry, doubling the revenues of rival Halliburton. 

An estimated purchase price for the deal is in the $9 billion range, said the Wall Street Journal, making this a huge buyout not only in the oil and gas industry, but among all industries. 

Currently, Schlumberger and Smith International have a joint venture company called M-I SWACO. The JV focuses on engineering services and products geared to provide drilling solutions and increase wellbore productivity, as well as offer environmental solutions and provide production technologies. Smith International holds 60 percent of M-I SWACO, and Schlumberger holds the remaining 40 percent. The joint venture company employs some 13,000 people in 400 different locales.

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