Bauer Maschinen and Schlumberger establish JV for deep drilling rigs
Bauer Maschinen GmbH (Bauer AG) and oil and gas service firm Schlumberger have finalised negotiations on a joint venture that plans to develop large drilling rigs for use within the oil, gas and geothermal sectors.
In September this year, Germany-based BAUER Maschinen GmbH, an affiliated company of BAUER AG and Schlumberger, the world’s leading supplier of technology, integrated project management and information solutions for customers in the oil and gas industry, announced plans of a cooperation in the oil, gas and geothermal drilling business.
Now both companies announced , that they have finalised negotiations for a joint venture.
“It was agreed that Schlumberger would contribute 49 % through a cash capital increase to each of two companies of the BAUER Group, BAUER Deep Drilling GmbH with its registered office in Schrobenhausen, Germany, and BAUER Manufacturing LLC with its registered office in Conroe, USA.
In the joint venture, large drilling rigs for use with in the oil, gas and geothermal sectors will be developed and manufactured for Schlumberger and third parties. Two drilling rigs that are already under manufacture will be delivered to Schlumberger at the start of 2016. Further machinery orders of Schlumberger for the upcoming year shall be finalized in the next few weeks. Both companies anticipate that the planned joint venture could soon achieve revenues of more than one hundred million euros and open up great opportunities for the future.”
Source: Company release via Bauer Group