Schlumberger Announces Agreement to Sell Wilson International Inc.

Mb50's "Liquid Mud" Rant

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posted on 4-11-2012

HOUSTON, April 10, 2012—Schlumberger Limited (NYSE:SLB) announced today that it has entered into an agreement with National Oilwell Varco, Inc. (NYSE:NOV) to sell its Wilson distribution business. Schlumberger acquired Wilson International Inc. as part of the acquisition of Smith International in 2010. Closing of the transaction is subject to customary regulatory approvals.

“Schlumberger’s global supply chain has benefited from Wilson’s best-in-class distribution practices and we look forward to working with Wilson in the future,” commented Paal Kibsgaard, Schlumberger Chief Executive Officer.

Founded in 1921, Wilson is a leading distributor of pipe, valves and fittings as well as mill, tool and safety products and services to the international energy business and to other industrial customers. The company manages a distribution business of approximately 200 sales and operations locations across the United States with a growing presence in other key international geographies. Wilson employs…

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BHP Billiton: Funds Approved for Mad Dog Phase 2 (USA)

Mb50's "Liquid Mud" Rant

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BHP Billiton today announced approval for US$708 million (BHP Billiton share) in precommitment funding for the Mad Dog Phase 2 project in the deepwater Gulf of Mexico. The funding will facilitate detailed engineering and the procurement of long lead time items related to the hull, topsides and subsea equipment.

The Mad Dog Phase 2 project is based on successful appraisal drilling which confirmed significant hydrocarbons in the southern portion of the Mad Dog field. The proposed project includes the development of a second spar facility with all subsea production and injection wells. The new facility is estimated to have a design capacity of approximately 130,000 barrels of oil per day that will be exported via the Mardi Gras Pipelines under existing agreements. A final investment decision is anticipated in calendar year 2013 with first production scheduled for calendar year 2018.

BHP Billiton Petroleum Chief Executive Officer, J. Michael Yeager…

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