Schlumberger buys downhole tools firm

HOUSTON , January 5, 2017 – Schlumberger on Thursday announced the acquisition of Peak Well System, an Aberdeen-based manufacturer of downhole tools for well intervention.

In a press release, Schlumberger said the move would strengthen its services portfolio “with a broader offering of mechanical services.” Commenting on the decision, the company’s president of the wireline division said that the purchase would create a “fully integrated well intervention solutions on electric line, mechanical slickline or digital slickline.”

The acquisition was also welcomed by Peak Well Systems’ CEO, Nigel Avern. In a statement, he said, “We have been working closely with Schlumberger on several collaborations and initiatives during the past year and what has become clearly apparent is our compatibility. This is a natural fit for both companies and one which will ultimately benefit our customers.”

The oilfield services sector has seen a range of mergers and acquisitions over the past months, such as the October deal between GE Oil & Gas and Baker Hughes, which followed the failed merger between the latter and Halliburton. The Houston-based oilfield services giant is now eying a stake in Russia’s Novomet Oil Services Holding.

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