SLB and ChampionX Corporation announced that they have entered into a definitive agreement to SLB will acquire ChampionX in an all-stock transaction. The agreement has been unanimously approved by ChampionX’s board of directors.
Under the terms of the agreement, ChampionX shareholders will receive 0.735 SLB common shares for each ChampionX share held. Upon completion of the transaction, ChampionX shareholders will own approximately 9% of SLB’s outstanding common shares.
SLB’s acquisition of ChampionX comes at an important moment for the industry. The production phase of an oil and gas operation typically accounts for the majority of an asset’s life cycle, from completion to decommissioning. This places higher demands on service providers’ ability to help customers solve the challenges of their production systems throughout the entire process. At the same time, as demand for emerging technologies such as AI and automated operations grows, there is a need to expand these technologies globally.
” Our customers are committed to maximizing asset value while improving production and reservoir recovery efficiencies,” said Olivier Le Peuch, CEO of SLB. ” This presents a tremendous opportunity for service providers that can accompany customers throughout the entire production life cycle, provide integrated solutions and create unique value. ChampionX’s strong production leadership position in North America and globally, combined with our international reach , unrivaled technology portfolio and history of innovation will significantly increase value for our customers and stakeholders.”
” Our core strategy continues to focus on meeting growing energy demand and advancing the decarbonization and emission reduction of our core oil and gas business through innovation, scale and digitalization. This acquisition will expand SLB’s position in the stable growth production and recovery area footprint, which is closely aligned with our return-focused, capital-light strategy,” Le Peuch added.
“Today’s announcement opens an exciting new chapter for ChampionX,” said Soma Somasundaram, President and CEO of ChampionX. ” We are committed to building the best production-focused company in the industry, with the goal of unlocking energy potential through our unique products and technologies, as well as a strong financial foundation. By joining SLB, we will gain access to a broader product line, and the resources and breadth needed to deliver energy to the world in an economically and environmentally sustainable way. Our two companies share a vision for a future energy that uses technology and innovation to solve the complex problems our customers face and better serve the communities in which we operate. Community.”
SOURCE: Businesswire