EU Commission Approves Creation of Joint Venture “OneSubsea” by Cameron and Schlumberger
The European Commission has approved under the EU Merger Regulation the proposed creation of a joint venture combining the subsea businesses of Cameron of the US and Schlumberger of the Netherlands. Cameron manufactures and supplies technical products for the oil and gas industries, such as drilling systems, valves, etc. Schlumberger provides information, management and technology services to oil and gas customers. The joint venture would operate under the name OneSubsea and would develop and supply products and services for subsea oil and gas production. The Commission concluded that the proposed acquisition would not raise competition concerns, because the parties are not active on the same market. Moreover, the Commission found that the parties would not be able nor willing to shut out competitors from the market, because after the transaction the merged entity would face a sufficient level of competition. The case was examined under the normal merger review procedure. More information is available on the Commission’s competition website in the public case register under the case number M.6854 .
