July 25 (Reuters) - The deal for Schlumberger’s Wilson distribution arm ended up costing National Oilwell Varco Inc $100 million more than the approximately $800 million estimated by Schlumberger three months ago.
Wilson, which generated $2.1 billion in 2011 revenue by shipping pipes, fittings and other equipment for oil and gas companies, was sold for $906 million in cash, Schlumberger said in a quarterly filing on Wednesday. Schlumberger booked a pretax gain of $137 million, or $16 million after tax, as a result.
A Schlumberger spokeswoman was not immediately available for comment.
Wilson had been acquired by Schlumberger through its $11.3 billion buyout of Smith International in 2010.
Also in the second quarter, NOV bought oilfield production equipment distributor CE Franklin, in which Schlumberger held a 56 percent stake. That netted the world’s largest oilfield services company $122 million in cash.
It has been a busy year for Schlumberger in terms of striking corporate deals. Earlier this month, it bought a 20.1 percent stake in Anton Oilfield Services Group, a Chinese firm listed in Hong Kong.
Reporting by Braden Reddall in San Francisco; editing by Matthew Lewis