Schlumberger Limited (NYSE:SLB) announced today that it has completed the sale of its Wilson distribution business to National Oilwell Varco, Inc. (NYSE:NOV). Additionally, Schlumberger has committed to divest the remaining portion of its distribution business by agreeing to support NOV’s previously announced proposed acquisition of all outstanding shares of CE Franklin Ltd. (NASDAQ: CFK; TSX: CFT) (“CE Franklin”) for CAD$12.75 in cash per share. Schlumberger owns 9,729,582 common shares of CE Franklin, or approximately 56% of CE Franklin’s outstanding common shares. About Schlumberger Schlumberger is the world’s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing more than 113,000 people representing over 140 nationalities and working in approximately 85 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production. Schlumberger Limited has principal offices in Paris, Houston and The Hague, and reported revenues of $39.54 billion in 2011. For more information, visit www.slb.com.
Shares of CE Franklin (Nasdaq:CFK) have taken a tremendous swing upward. The stock is trading at $12.23 as of 9:40 a.m. ET, 34.8% above Wednesday's closing price of $9.07. Volume is at 108,351, 11.4 times the daily average of 9,500.