March 24 Schlumberger NV said on Friday
it would form a joint venture with Weatherford International Plc
to deliver oilfield products and services for
unconventional resource plays in the United States and Canada.
The oilfield equipment maker will get a one-time $535
million cash payment from Schlumberger, the companies said in a
Weatherford shares were up 7 percent at $6.28 in extended
Schlumberger will manage the joint venture, OneStim, and own
70 percent of it, while Weatherford will own the remaining.
The joint venture will offer products and services for well
completions along with hydraulic fracturing fleets.
(Reporting by Komal Khettry in Bengaluru; Editing by Shounak