Schlumberger in auction procees for oilfield tools rental business Thomas Tools; PPHB advising
Schlumberger Ltd (EPA:SLB) is running an auction process for Thomas Tools, its oilfield tools rental business based in New Iberia, Louisiana, according to a newswire report.
Reuters, citing a person familiar with the situation, reported that oilfield service boutique PPHB is serving as sellside advisor.
Thomas Tools generates EBITDA in the area of USD 80m, and could command a 7.5x multiple, Reuters reported. Private equity is among the potential bidders, according to the article.
Thomas Tools was founded in 1961, and supplies oilfield rental tools, tubulars, and surface equipment. The business was originally part of Smith International, which was acquired by Schlumberger in 2010.
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