Houston-based Schlumberger announced Thursday that it is acquiring Peak Well Systems from Summit Partners for an undisclosed sum, according to a company press release.
The company is strengthening its global portfolio with the addition of Peak’s mechanical and remedial solutions for cased-hole well intervention.
“In the past few years, Peak has developed a portfolio of flow control technologies that are recognized as some of the leading products in the industry largely due to their simplicity, performance, reliability and ease of retrievability,” said Hinda Gharbi, president, Wireline, Schlumberger. “Bringing Peak technologies into our existing Production Services portfolio will give us the opportunity to offer our customers fully integrated well intervention solutions on electric line, mechanical slickline or digital slickline.”
“Schlumberger’s acquisition of Peak is extremely positive news for both companies and for the industry in general,” said Nigel Avern, chief executive officer for Peak Well Systems. “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.”
Schlumberger operates in more than 85 countries. The company also maintains an office in Oklahoma City.
Existing Peak customers will continue to have access to the full range of products. They will benefit from a wider distribution network offered by Schlumberger.