Wilson price tag ‘$100m higher’ for NOV

by on July 25, 2012 8:26 pm BST

Wilson, which generated $2.1 billion in 2011 revenue by
shipping pipes, fittings and other equipment for oil and gas companies, was
sold for $906 million in cash, Schlumberger said in a quarterly filing on
Wednesday, Reuters reported.

Schlumberger booked a pre-tax gain of $137 million,
or $16 million after tax, as a result.

A Schlumberger spokeswoman was not immediately
available for comment, the news wire said.

Wilson had been acquired by Schlumberger through its
$11.3 billion buyout of Smith International in 2010.

Also in the second quarter, NOV bought oilfield
production equipment distributor CE Franklin, in which Schlumberger held a 56% stake.
That netted the world’s largest oilfield services company $122 million in cash.

It has been a busy year for Schlumberger in terms of
striking corporate deals. Earlier this month, it bought a 20.1% stake in Anton Oilfield Services Group, a Chinese firm listed
in Hong Kong.