Sector News

Schlumberger acquires Novatek

September 4, 2015
Chemical Value Chain

Schlumberger announced today that it has acquired Novatek Inc. and Novatek IP, LLC. (Novatek), U.S.-based companies that specialize in synthetic diamond technology primarily for the oil and gas industry.

The existing relationship between Schlumberger and Novatek has delivered industry-leading technologies, such as the Schlumberger StingBlade* conical diamond element bit, and has been an incubator of novel ideas that are being incorporated into Schlumberger’s newest drilling technology offerings. Building on this collaboration, the acquisition provides a new platform for Schlumberger to pursue its vision of continuously improving drilling performance for customers.

‘Novatek’s synthetic diamond manufacturing technology is already a key component of our drillbit offering,’ said Khaled Al Mogharbel, president, Schlumberger Drilling Group. ‘With the addition of Novatek, we will enhance our research, engineering and manufacturing capabilities and continue to work with our customers to accelerate field adoption of these innovative drilling technologies.’

David Hall, founder and president, Novatek added: ‘Since my father, Tracy Hall, synthesized the first manmade diamond 60 years ago, synthetic diamond technology has revolutionized the diamond cutting and drilling industries. Our new relationship with Schlumberger will help us to continue this legacy of innovative technology development.’

Novatek boasts a 60-year history of product development with a portfolio of more than 600 patents. Core development of synthetic diamond technology and other technologies will continue at the company’s lab in Provo, Utah, where most of the employees are based.

Source: OilVoice

Related News

April 17, 2021

Veolia agrees deal for Suez, merging world’s largest water firms

Chemical Value Chain

VEOLIA has agreed a deal to buy its rival Suez, ending a fraught takeover battle that merges the world’s two largest water and wastewater companies.

April 17, 2021

Borealis begins feasibility study for new chemical-recycling plant in Sweden 

Chemical Value Chain

Borealis Group AG has commenced a new project to secure an increased supply of chemically recycled feedstock for the production of more circular base chemicals and polyolefin-based products.

April 17, 2021

Novozymes joins call to the Biden Administration for significant action in the U.S. to mitigate climate change.

Chemical Value Chain

The call is part of a campaign by Ceres, a nonprofit organization transforming the economy, and the We Mean Business coalition – a global, nonprofit coalition that collaborates with progressive businesses, to bolster action on climate change towards a zero-carbon economy.

Send this to a friend