SLB to acquire ChampionX for $7.8 billion

US energy technology giant SLB will acquire oilfield services player ChampionX in a deal valued at almost USD 7.8 billion, the two companies announced Tuesday.

The all-stock transaction will strengthen SLB as a leader in the production space via world-class production chemicals and artificial lift technologies, the New York-listed company said.

It was unanimously approved by the ChampionX board of directors.

“The combination of ChampionX’s strong production-focused leadership throughout North America and beyond with our own international presence, unmatched technology portfolio, and history of innovation will drive tremendous value for our customers and stakeholders,” SLB CEO Olivier Le Peuch said.

He emphasised that as operators look to maximise the value of their assets, service providers who can partner at every stage of the production lifecycle via delivering integrated services hold an advantage.

Texas-headquartered international player ChampionX provides chemical programmes, technologies and engineering services to the upstream and midstream sectors in more than 30 countries.

President and CEO Soma Somasundaram termed the deal “an exciting next chapter for ChampionX.”

“Becoming part of SLB will give us a much broader portfolio and the resources and reach to continue to lead the industry in providing energy to the world in an economically and environmentally sustainable way,” he said.