Schlumberger Canada Ltd. is engaged in negotiations with Integrated Production Services Limited (IPS) for the sale of its Enhanced Production (Plunger Lift) business to IPS.
If the negotiations are successful, and pending completion of due diligence and receipt of regulatory approval as required, it is anticipated that the transaction will be effective January 1, 2001.
IPS, based in Calgary, provides cased wellbore services and various production products used in new and existing oil and gas wells. IPS operates in every major oil and gas producing area of Western Canada and has offices in Duri, Indonesia and Singapore.
