March 24, 2017 / 9:42 PM / 2 years ago

Schlumberger, Weatherford to form joint venture

The exterior of a Schlumberger Corporation building is pictured in West Houston January 16, 2015. REUTERS/Richard Carson

(Reuters) - Schlumberger NV said on Friday it would form a joint venture with Weatherford International Plc to deliver oilfield products and services for unconventional resource plays in the United States and Canada.

The oilfield equipment maker will get a one-time $535 million cash payment from Schlumberger, the companies said in a joint statement.

Weatherford shares were up 7 percent at $6.28 in extended trading.

Schlumberger will manage the joint venture, OneStim, and own 70 percent of it, while Weatherford will own the remaining.

The joint venture will offer products and services for well completions along with hydraulic fracturing fleets.

Reporting by Komal Khettry in Bengaluru; Editing by Shounak Dasgupta

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