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Image courtesy of Schlumberger.

Houston-based Schlumberger said Friday it has closed its $15 billion merger with Cameron International.

Schlumberger said the merger will result in the industry’s “first complete drilling and production systems” by integrating its reservoir and well technology with Cameron’s wellhead and surface equipment, flow control and processing technology.

Each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash in exchange for each Cameron share.

The deal is worth about $14.8 billion.

Former Cameron stockholders will own about 10 percent of Schlumberger’s outstanding shares of common stock.

Schlumberger expects to realize $300 million in pretax synergies in the first year following the acquisition and expects $600 million in synergies two years after closing.

The combined company had 2014 revenues of $59 billion on a pro forma basis.

“As a combined company, we will drive total system performance through a much closer integration between the surface and subsurface components of both drilling and production systems. We are ready to begin the process of realizing the synergies made possible by this merger and our focus in the near term is on the execution of our integration plans, while continuing to deliver safety and quality in our field operations,” Schlumberger chairman and CEO Paal Kibsgaard said.

Schlumberger warned late last month that falling upstream spending could reduce its first quarter revenues by about 15 percent.

The company’s fourth quarter revenues slipped to $7.74 billion while pre-tax operating income fell 54 percent year-over-year to $1.28 billion.

Income from continuing operations, excluding charges and credits, dropped to $819 million in the fourth quarter compared to $1.941 billion during the same period in 2014.

Schlumberger announced plans in January to cut another 10,000 jobs, bringing the company’s total headcount reductions to about 34,000 positions since November 2014.