However when more is that triple its investment

From the outside, it looks like a shed of construction on a drilling rig. Of the Interior, with its computers, it looks like a room of the markets. Only difference, employees do not wear costumes, but safety clothing. Their work: be traced on the surface and real-time data to thousands of metres deep. They feed a simulator which gives an image of the structures of oil and gas reserves, the type of rock... In oil jargon, this technique is called the "mud logging. "Because of this, it knows whether or not it is worth drilling at this location", explains Philippe Salle, Director General of Geoservices.

It is this unique expertise that Schlumberger is preparing to acquire. The world leader in the oil services announced Wednesday the purchase of Geoservices for $ 1.07 billion. The French-American giant lacked jurisdiction, unlike its competitors direct, Halliburton, Baker Hughes and Weatherford. Or rather, to have more. In 2001, he sold this activity, then small size, to... Geoservices. Nine years later, the world leader performs the reverse operation. "The addition of the"mud logging"technology portfolio of Schlumberger is an important step in the development of high performance drilling systems", according to his boss Andrew Gould. Founded in 1958 by Gaston Rebilly, who sells stake of 39, French society of 5,000 employees is the number one world on this trade, with 35 of the market. It allows to show growth rates of more than 20 (except in 2009) and nice margins. Last year, Geoservices recorded an operating income of $ 97 million, for a turnover of 500 million.

Joël Lacourte, partner Astorg Partners, the investment fund that owns 52 of the capital, these results are also the result of a larger effort. In five years, the company made six acquisitions, simplified its portfolio of activities and strengthened at the top of range. When Astorg came to the capital, in 2005, with the exit of the French Institute of petroleum, the company was worth only $ 300 million... "We had not really want to sell", provides Joël Lacourte. However, when more is that triple its investment... And Schlumberger was motivated. The Group had a first attempt to purchase in the summer 2008 by offering exclusive negotiations. At the time, the shareholders had preferred to launch auction in due form. And arrived on 15 September the bankruptcy of Lehman Brothers, which brutally interrupted the proceedings. The French-American giant returned to the load a year later.

Movements of consolidation

Schlumberger announces this operation before the green light from competition authorities, a month after the announcement of its acquisition of Smith International for more than 11 billion. Its shareholders had also objected, the Group had proposed a very high price for 56 times the net result of last year. But this operation allows Schlumberger to strengthen his power in drilling technologies, Smith being specialized in drilling muds. Other movements of consolidation took place recently, such as purchase in August of BJ Services by Baker Hughes, for $ 5.5 billion. "In out of the crisis, and what sectors, activities of mergers and acquisitions are waking up," explains Joel Lacourte.