April 20, 2017 / 2:31 PM / in 3 months

BRIEF-Production Plus Energy to form JV with Schlumberger in Canada and US

1 Min Read

April 20 (Reuters) - Production Plus Energy Services :

* Entered into an agreement with Schlumberger to create joint ventures in Canada and US

* Will contribute its HEAL system business to JV entities in exchange for cash consideration and future contingent payments

* At closing of transaction, production Plus will hold a 50.1% interest in JV entities and Schlumberger will hold 49.9%

* Board of directors of Production Plus has unanimously approved transaction

* Consideration received for 49.9% interest in HEAL system business will provide co opportunity to effect a special dividend Source text for Eikon: Further company coverage:

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