Schlumberger Ltd.’s takeover of Cameron International Corp. could inspire more dealmaking.
The world’s biggest oilfield contractor agreed on Wednesday to buy pump-and-valve maker Cameron for about $66.36 a share in cash and stock. It’s the second-largest oil and gas services deal on record after No. 2 Halliburton Co. agreed to buy No. 3 Baker Hughes Inc. for more than $35 billion in November.
The $15 billion purchase price for Cameron is about 14 times what the company earned before interest, taxes, depreciation and amortization in the last year. Cameron hasn’t commanded such a rich valuation since February 2014, and shareholders are getting a higher multiple than most big oil and gas takeover targets have fetched since crude began its slide in June of last year.
It’s an appealing exit at a time when analysts are raising the prospect of oil selling for as low as $30 a barrel. Other would-be energy-equipment targets — such as FMC Technologies Inc. and Dril-Quip Inc. — could take notice.
Brazil Energy Insight 
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