Schlumberger expands portfolio with Peak Well Systems buy

Schlumberger, the world’s largest oilfield services provider, has acquired Peak Well Systems, a specialist in design and development of downhole tools for flow control, well intervention and well integrity.

Schlumberger said on Thursday that the addition of Peak’s solutions for cased-hole well intervention strengthens the company’s portfolio with a broader offering of mechanical services to its customers.

The company acquired Peak from growth equity investor Summit Partners and the company’s founders and management team.

Hinda Gharbi, president of Wireline at Schlumberger, said: “Bringing Peak technologies into our existing Production Services portfolio will give us the opportunity to offer our customers fully integrated well intervention solutions.”

Nigel Avern, CEO of Peak Well Systems, added: “Schlumberger’s acquisition of Peak is extremely positive news for both companies and the industry in general. 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.”

Aberdeen-based Peak Well Systems designs and manufactures downhole tools that isolate, extend well life, restore well integrity and enhance well performance with retrievable bridge plugs and disruptive technologies capable of providing HPHT and gas tight zonal isolation, even in sour gas conditions.

Schlumberger added that all existing Peak customers would continue to have access to the full range of the company’s well intervention products, and would benefit from a wider distribution network provided by the company.

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