Schlumberger Deal Sparks Rally Among European Oil-services Companies

By Carla MozeeMarketWatch Pulse

Shares of European oilfield equipment and services companies jumped Wednesday after oilfield-services giant Schlumberger Ltd. said it plans to buy Cameron International Corp. in a deal valued at $14.8 billion. The gains helped the Stoxx Europe 600 pare its loss, to 0.7%. Italy's Saipem SA climbed 9.3% and Norway's Seadrill Ltd. and Subsea 7 each surged 9%, while France's Technip SA tacked on 7.1%. Schlumberger said its deal with Cameron offers "new growth opportunities by creating the industry's first complete drilling and production systems."

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