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Acquisition (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following amounts represent the estimated fair value of assets acquired and liabilities assumed in connection with the formation of the joint venture.


(Stated in millions)

Cash	$	48
Accounts receivable		355
Inventories (1)		192
Other current assets		237
Fixed assets		168
Intangible assets (weighted average life of 18 years)		390
Accounts payable and accrued liabilities		(915	)
Deferred taxes		(127	)
Other liabilities		(1	)
Total identifiable net assets	$	347
Goodwill (2)		966
Total consideration transferred	$	1,313

(1)

SLB recorded an adjustment of $54 million to write-up the acquired inventory to its estimated fair value. SLB’s Cost of sales reflected this increased valuation as the acquired inventory was sold. $11 million of this adjustment was expensed as of December 31, 2023 and the remaining $43 million was expensed in 2024. See Note 3 – Charges and Credits.

(2)

The goodwill recognized is primarily attributable to intangible assets that do not qualify for separate recognition as well as expected synergies from combining the subsea operations of SLB and Aker. None of the goodwill is deductible for income tax purposes.