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News analysis

Liberty and Schlumberger Close N.American Pressure Pumping Transaction

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Liberty Oilfield Services Inc. (NYSE: LBRT) and Schlumberger (NYSE: SLB) 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% equity interest in Liberty.

The transaction strengthens Liberty’s position in offering one of the most innovative suites of completion services and technologies to operators in onshore North America. Liberty will continue to be led by its current management team, developing and delivering next generation technology for the sustainable development of unconventional energy resources.

Concurrent with the closing, Liberty added two representatives from Schlumberger to its board of directors -Simon Ayat, Senior Strategic Advisor and former Executive Vice President and Chief Financial Officer, and James R McDonald, President of Americas Land.

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