Liberty Oilfield Services Inc. acquired Schlumberger's OneStim division. This significant transaction was valued at $448 million.
The deal, which closed on January 4, 2021, involved Denver-based Liberty Oilfield Services Inc. (NYSE: LBRT) purchasing the hydraulic fracturing business, OneStim, from Houston-based oilfield giant Schlumberger Ltd.
This strategic acquisition transformed Liberty Oilfield Services, making it the third-largest hydraulic fracturing business in North America. The integration of OneStim's operations bolstered Liberty's presence and capabilities in the highly competitive oilfield services market.
Transaction Overview
To provide a clear understanding of the acquisition, here's a summary of the key details:
| Aspect | Detail |
|---|---|
| Buyer | Liberty Oilfield Services Inc. (NYSE: LBRT) |
| Seller | Schlumberger Ltd. |
| Acquired Asset | OneStim division (hydraulic fracturing business) |
| Deal Value | $448 million |
| Closing Date | January 4, 2021 |
| Impact on Buyer | Became the third-largest North American hydraulic fracturing business |
This purchase represents a notable move within the oilfield services sector, showcasing Liberty's growth strategy through acquiring key assets from competitors.
