UPDATE 1-Schlumberger, Subsea 7 in talks to form oil services joint venture [Reuters]
Schlumberger N.V. (SLB)
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Source: Reuters
UPDATE 1-Schlumberger, Subsea 7 in talks to form oil services joint venture | Reuters Reuters Staff 2 Min Read * Subsea 7 shares rise 6 pct on news * Could be first step towards merger - analyst (Adds detail, analyst, shares) By Ole Petter Skonnord and Gwladys Fouche OSLO, Feb 23 (Reuters) - Schlumberger, the world’s largest oilfield services firm, and smaller peer Subsea 7 said on Friday they were entering exclusive talks to form a joint venture to deliver subsea installations and services for oilfields. The news lifted Subsea 7 shares on hopes the talks could be the first step towards a full takeover. In recent months, oil firms have returned to profits due to higher oil prices and the benefits of deep cost cuts they made during the downturn. But their suppliers are still feeling the squeeze and trying to cope with low profitability. Since 2015 Schlumberger and Subsea 7 have collaborated for some of their work in designing, building and laying oil and gas production installations on
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