Multinational oil field services company Schlumberger and oilfield equipment maker Cameron International have received the all-clear for their merger from the Chinese Ministry of Commerce (MOFCOM).
This is the last of several international regulatory hurdles that the deal had to clear, a reflection of the global scope of the firms’ operations.
The parties plan to close the merger, estimated to be worth more than $12bn, on April 1, subject to the satisfaction or waiver of the remaining closing conditions contained in the merger agreement.
In 2013 the two firms teamed up on the joint venture OneSubsea to develop and make products, systems and services for the offshore oil and gas industry.
Schlumberger was founded in France in 1926 and now its principal offices are in Paris, Houston, London and The Hague. Its services range from surveying sites to drilling wells.
Cameron is based in Houston, Texas, and makes pressure control, processing, flow control and compression systems for the oil and gas industries. It made the blowout preventer that failed to stop the flow of oil from the Deepwater Horizon well in the Gulf of Mexico in 2010.