What would Schlumberger do with Cameron?
SLB is very technology centric. Onesubsea is the crown jewel, it will get investment and growth. Likely improve overall offerings. FMC likely to be acquired if oil stays low because the market is weak and they have little cash. Probably a good bet for GE.
Surface has some interesting technology, SLB can consolidate the sales teams with their service offerings.
PCS offers interesting tech for OSS processing. Otherwise, may not be worth keeping. PCS just hid OSS' terrible margins from wall street.
VM is not technology driven, divest them. Margins lag the rest of the business, maybe keep engineered.
Land drill equipment will absorb into SLB, note their synthetic diamond buy.
Then drive efficiency by integrating (gutting, outsourcing, and consolidating) sales, supply chain, marketing, projects, IT, legal, finance, Hr, HSE, accounting, management, and some small pieces of manufacturing. $300 and $600M in savings in these areas. Sell off assets because Cameron is asset heavy which pushes down return on capital. Let some internal manufacturing be outsourced for efficiency.
For growth, drive new technology, push services, integrate sensors and software, improve pricing and fill in gaps across market strengths like OSS.
SLB is an M&A machine. Just sit back and watch.