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Schlumberger sells frac operations to Liberty Oil Services

The sale is in exchange for a 37% equity stake in Liberty.

TEXAS, USA — Oilfield services company Schlumberger has reportedly sold its frac operations.

The company sold the operations to Liberty Oilfield Services in exchange for a 37% interest in Liberty.

This deal is reportedly valued at around $408 million and includes Schlumberger's pressure pumping, pump down perforating and Permian frac sand business.

Schlumberger says its fracking unit suffered a 40% decline in revenue during the second quarter.

The transaction is expected to close in the fourth quarter of 2020.