The sector is alive with the sound of M&A
In the oil and gas services segment we have two.
Nabors Industries Ltd. (Nabors) (NYSE: NBR) and Superior Well Services, Inc. (Superior Well Services) (Nasdaq: SWSI) today announced that they have entered into a definitive merger agreement whereby Nabors will acquire Superior Well Services.
And Seadrill & Allis-Chalmers:
Seadrill's majority owned subsidiary Seawell Limited and Allis-Chalmers Energy Inc. announce that their Boards of Directors have unanimously approved a definitive merger agreement providing for the acquisition of Allis-Chalmers by Seawell in a transaction valued at approximately US$890 million (including assumed debt)
Meanwhile in the Subcontinent, Cairn India, has a new shareholder:
Cairn to sell a maximum of 51 per cent of Cairn India to Vedanta for a consideration of up to US $8,480m
They used to say that when oil prices were low, the cheapest place to drill was on Wall Street. I guess with the current political inaccessibility of reserves, today's oil price counts as low.
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