Warren Zemlak, current President & CEO of Allied Energy Services, and former long-time senior executive with both Schlumberger and Sanjel, will serve as CEO of BJ Services, with the balance of the executive team to include oilfield services veterans. The company will be governed by an experienced board comprised of industry leaders."The combined company will have 1.9 million hydraulic horse power and more than 240 cementers, among other assets, and an owned-facility footprint throughout North America to serve our customers in all basins," said Zemlak, CEO of the new BJ Services. "We look forward to renewing the BJ Services legacy and utilizing our experience building highly reliable teams and efficient operations to create a North American pressure pumping leader." Baker Hughes will provide customary support services to ensure a seamless transition. Access to current Baker Hughes' pressure pumping technology will be provided to the new company through a licensing agreement. Through a strategic collaboration, Baker Hughes will have access to BJ Services' product and service portfolio to continue to provide solutions to customers in the North American land market. The financial results of the Baker Hughes North American land pressure pumping business will continue to be reported as part of Baker Hughes' consolidated financial results through the fourth quarter of 2016. This agreement does not include Baker Hughes' international pressure pumping businesses or its Gulf of Mexico offshore pressure pumping operations, which Baker Hughes will continue to operate. The agreement is subject to customary regulatory approvals. The companies are committed to working constructively with regulatory authorities to obtain required approvals. Wells Fargo Securities, LLC is acting as exclusive financial advisor to Baker Hughes. About Baker Hughes Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The Company's 34,000 employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. For more information about Baker Hughes, visit: www.bakerhughes.com About CSL Capital CSL Capital Management is an SEC-registered private equity firm founded in early 2008 and headquartered in Houston, TX. Since its inception, CSL Capital Management has raised in excess of $1.3 billion in equity capital and commitments across various investment vehicles. CSL Capital Management is currently investing out of CSL Energy Opportunities Fund II, L.P. CSL's current portfolio includes several de novo, growth, recapitalization, and other investments.
About Goldman Sachs' Merchant Banking DivisionFounded in 1869, The Goldman Sachs Group, Inc., is a leading global investment banking, securities and investment management firm. Goldman Sachs' Merchant Banking Division (MBD) is the primary center for the firm's long-term principal investing activity. With nine offices across seven countries, MBD is one of the leading private capital investors in the world with equity and credit investments across corporate, real estate, and infrastructure strategies. Since 1986, the group has invested approximately $180 billion of levered capital across a number of geographies, industries and transaction types.