CALGARY, April 11, 2012 /PRNewswire/ - CE Franklin Ltd.
(NASDAQ: CFK; TSX: CFT): On April 10,
2012, Schlumberger Limited ("Schlumberger") and National
Oilwell Varco, Inc. ("NOV") each announced that they had entered
into an agreement pursuant to which NOV would purchase
Schlumberger's Wilson distribution business segment. Terms
were not disclosed.
The common shares of CE Franklin Ltd. ("CE
Franklin") indirectly owned by Schlumberger, representing
approximately 56% of the issued and outstanding common shares of CE
Franklin, are not part of this transaction. CE Franklin is
not aware of any changes in Schlumberger's previously announced
intentions for its CE Franklin common shares. CE Franklin
will continue to conduct its business as usual.
As previously announced, the board of directors
of CE Franklin has created a special committee, composed entirely
of independent directors, to actively represent the interests of CE
Franklin and its shareholders.
About CE Franklin
For more than half a century, CE Franklin has
been a leading supplier of products and services to the energy
industry. CE Franklin distributes pipe, valves, flanges,
fittings, production equipment, tubular products and other general
oilfield supplies to oil and gas producers in Canada as well as to the oil sands, refining,
heavy oil, petrochemical, forestry and mining industries.
These products are distributed through its 39 branches, which are
situated in towns and cities serving particular oil and gas fields
of the western Canadian sedimentary basin.
Forward-looking Statements:
The information in this news release may contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934;
within the meaning of Canadian securities law and other applicable
securities legislation. All statements, other than statements
of historical facts, that address activities, events, outcomes and
other matters that CE Franklin plans, expects, intends, assumes,
believes, budgets, predicts, forecasts, projects, estimates or
anticipates (and other similar expressions) will, should or may
occur in the future are forward-looking statements. These
forward-looking statements are based on management's current
belief, based on currently available information, as to the outcome
and timing of future events. When considering forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements and refer to the Form 20-F or our annual
information form for further detail.
SOURCE CE Franklin Ltd.