Weatherford International PLC (NYSE: WFT) sold its U.S. hydraulic fracturing business to Schlumberger Ltd. (NYSE: SLB) for $430 million in cash. The deal replaces the companies’ previous plan to form a joint venture called OneStim.
Shares of Weatherford International Plc (WFT.N) fell 18 percent on Tuesday after news of the oilfield services company had abandoned (OneStim) a proposed joint venture with Schlumberger (SLB.N) and instead sold all its U.S hydraulic fracturing business to Schlumberger.
The parties agreed to revised deal terms that reflect an asset sale, abandoning the previously announced OneStim joint venture that had received US Department of Justice approval a month ago.