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The company added it expects to deliver at least $150 million in cost savings.
The Houston, Texas-based firm said it will combine its Oilfield Services and Oilfield Equipment units to form Oilfield Services & Equipment. Maria Claudia Borras will be the Executive Vice President (EVP) of the unit.
It will also create an Industrial & Energy Technology unit by merging its Turbomachinery & Process Solutions and Digital Solutions businesses. Rod Christie will be the EVP of the unit.