As Schlumberger buys Smith, the price of oil services is set to rise
Feb 23rd, 2010
by John Donovan.
Financial Times
February 22, 2010 7:56pm
by Ed Crooks
Schlumbergers $12bn deal to buy fellow oil services company Smith International, announced on Sunday night and discussed by Andrew Gould, Schlumbergers CEO, on Monday, looks like a turning point. From now on, the cost of oil services seems more likely to rise than fall. One possible reason for that is that the deal will restrict competition. Anti-trust authorities will undoubtedly take an interest, especially in the US, where the two companies paid a $14.6m fine a decade ago for anti-trust violations. The deal will further extend Schlumbergers dominance of the global oil services business, creating a group with more employees than ExxonMobil, BP or Royal Dutch Shell.
FULL FT ARTICLE (SUBSCRIPTION)
Like this:
Like Loading...
shellplc.website and its sister non-profit websites
royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and
shell2004.com
are owned by
John Donovan. There is also a
Wikipedia feature.
Posted in: BP, Exxon Mobil, Oil, Royal Dutch Shell Plc, Shell.
Tagged: BP · ExxonMobil · Oil · Royal Dutch Shell Plc
0 Comments on “As Schlumberger buys Smith, the price of oil services is set to rise”
Leave a Comment