-- Schlumberger Announces Agreement to Acquire Sensa
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Introduction from Andrew Gould, EVP, Schlumberger Oilfield Services:
The following NewsFlash focuses on two events that are strategically
significant in broadening our portfolio of leading reservoir optimization
and information technology services.
Firstly, our global alliance with Hanover and sale of our gas compression
activities allows Schlumberger to continue to provide customers with
world-class gas compression products and services, while divesting non-core
businesses that are not focused on reservoir optimization.
Secondly, the proposed acquisition of Sensa will play a significant role in
our ability to provide real-time reservoir management services. Its fiber
optic technology adds a vital component to our existing well and reservoir
monitoring capabilities. This technology, combined with our existing IT
capabilities -- and looking ahead, the IT integration experience of
SchlumbergerSema means that we will be able to provide customers with
state-of-the-art information technology solutions from the well to the desktop.
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-- Schlumberger Forms Global Alliance with Hanover through Sale of its Gas
Compression Activities
This week, Schlumberger completed the sale of its gas compression
activities and related assets to Hanover Compressor for $761 million. These
include gas compression business, Production Operator's International,
(POI), acquired with Camco in 1998 and the mechanical services division of
Operational Services Inc., (OSI), acquired in 2000. These services were
more recently part of the Integrated Project Management (IPM) segment in
Schlumberger Oilfield Services. IPM retains its production facility
engineering, operation, maintenance and management services.
The sale of these businesses is part of the ongoing strategy of
Schlumberger Oilfield Services to continue its focus on reservoir
optimization solutions and create industry-winners.
As a result of this transaction, Schumberger now owns 10% of Hanover
Compressor, the number one company in natural gas compression services,
creating a global alliance. Rene Huck, President, Schlumberger Reservoir
Evaluation and Development will sit on the board of Hanover Compressor and
an Alliance Board consisting of Schlumberger and Hanover representatives
will be responsible for the day-to-day operations of the partnership.
The alliance represents a win-win position for both companies. As the
global gas market expands, the alliance allows Schlumberger to continue
offering its customers a complete range of world-class gas compression and
production services while Hanover will benefit from the global presence and
infrastructure of Schlumberger in its efforts to penetrate new markets.
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-- Schlumberger Announces Agreement to Acquire Sensa
Schlumberger Oilfield Services announced today an agreement in principle to
acquire Sensor Highway Limited, the recognized industry leader in fiber
optic sensing technologies and their applications in oil and gas wells.
This acquisition adds a key element to the Schlumberger offering in the
developing requirement for advanced completions and field automation.
Peter Goode, president of Schlumberger Well Completions and Productivity
commented, ``This acquisition will complement our developing capability to
monitor and control, in real time, the key processes in wells and
production systems that optimize the revenue stream, and increase ultimate
reservoir recovery. Sensa has already demonstrated that fiber optic sensing
technologies will play a key role in ways that are only just beginning to
be appreciated. Combining their best-in-class measurement capability, with
the depth of our reservoir expertise and interpretation software, will
provide the industry with new capabilities.''
Based in Chandlers Ford, near Southampton, United Kingdom, and with offices
in the major oil producing areas of the world, Sensa is the world leader in
the design, manufacture and deployment of a new generation of fiber optic
sensors. Specialists in real-time data solutions to the oil and gas,
process and power distribution industries, Sensa's pioneering application
of these fiber optic sensors has enabled producers to reduce operating
costs and boost asset performance via the accurate and reliable data they |
