Schlumberger, Baker Hughes combine seismic units

Schlumberger Ltd. and Baker Hughes Inc. have signed a memorandum of understanding to form a joint venture of the two companies' seismic units, to be called Western GECO.Schlumberger and Baker Hughes said they would combine the seismic fleets, data processing assets, surveys, and other assets of Schlumberger's Geco-Prakla unit and Baker Hughes's Western Geophysical unit to form the venture. Terms of the agreement also call for Schlumberger to pay Baker Hughes $500 million in cash.The Western GECO seismic venture would have pro forma 1999 revenues of about $1.5 billion. Schlumberger would hold a 70% interest in the venture, while Baker Hughes would own the remaining 30%. Gary Jo...

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