NEW YORK, September 28, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on Schlumberger Limited (NYSE: SLB). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/SLB.pdf  

Highlights from our SLB Report include: 


        
        - Acquisition of Cameron - On August 26, 2015, the world's leading supplier of
          technology, integrated project management and information solutions Schlumberger
          Limited announced the acquisition of its smaller rival, Cameron International Corp.,
          in a cash and stock transaction. The transaction would enable the combination of two
          complementary technology portfolios into a "pore-to-pipeline" products and services
          offering to the global oil and gas industry. Schlumberger informed that the combined
          entity generated revenue of $59 billion in 2014, on a pro-forma basis.



        
        - Terms of the Transaction - Under the terms of agreement, Cameron shareholders will
          receive 0.716 shares of Schlumberger common stock along with $14.44 in cash in
          exchange for each Cameron share. Based on the closing stock prices of both companies
          as on August 25, 2015, the transaction would be valued at 66.36 per Cameron share.
          This represents a 37.0% premium to Cameron's 20-day volume weighted average price of
          $48.45 per share, and a 56.3% premium to Cameron's closing stock price of $42.47 per
          share on the prior to the announcement. Schlumberger said that Cameron shareholders
          will own approximately 10% of Schlumberger's outstanding shares of common stock upon
          closing of the transaction. The transaction, which is subjected to regulatory
          approvals, is expected to be closed in Q1 2016.



        
        - Synergies from the Acquisition - According to the release, the initial synergy
          benefits arising out of the acquisition would include a reduction in operating costs,
          streamlined supply chains and improvement in manufacturing process. Revenue synergies
          are expected to start flowing in second year and in the following years. Further, the
          Company anticipates pretax synergies of approximately $300 million and $600 million in
          the first and second year, respectively, and the combination is expected to be
          accretive to earnings per share by the end of the first year after closing.



        
        - Management's Views - The Chairman and CEO of Schlumberger, Paal Kibsgaard
          commented, "This agreement with Cameron opens new and broader opportunities for
          Schlumberger." He added, "We believe that the next industry technical breakthrough
          will be achieved through integration of Schlumberger's reservoir and well technologies
          with Cameron's leadership in surface, drilling, processing and flow control
          technologies. Deep reservoir knowledge further enabled by instrumentation, software
          and automation, will launch a new era of complete drilling and production system
          performance."

To find out how this influences our rating on Schlumberger Limited, read the full report in its entirety here: http://www.aciassociation.com/SLB.pdf

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