Could the seemingly impossible possible now thanks to Fullstream? It’s the talk of the street in NY these days
Saudi royal family to be financing the take over and will take a 49% stake in the new company said an insider at JP Morgan NY who are contracted to put the bid together.
It’s no secret that SLB are struggling to recover from the 4 year long oil price crisis in the back of huge failed acquisitions done just before the collapse in oil price.
Fullstream is credited with reducing Saudi production costs by more than 60% during the last 2 years propelling BHGE to be their largest supplier in revenue terms. Makes good business sense for the Saudi’s now that the Aramco IPO is off the table. The HQ of the new company will be moved to Dubai.
Expect a formal announcement at the end of next week. Way to go BHGE!