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Bauer completes joint venture deal with Schlumberger

Bauer has announced that it has finalised negotiation with Schlumberger to form a new joint venture in the oil and gas drilling market.

The joint venture will develop and manufacture venture, large drilling rigs for use with in the oil, gas and geothermal for Schlumberger and the first rigs under this agreement will be delivered early next year.

It was agreed that Schlumberger would contribute 49% through a cash capital increase to both Bauer Group and Bauer Deep Drilling.

Both companies believe that the joint venture could soon achieve revenues of more €100M (£72M) and open up great opportunities for the future

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