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.