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.
Schlumberger is the world’s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 108,000 people representing over 140 nationalities and working in approximately 85 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production.