September was an incredibly good month for Schlumberger. The company announced that it had taken over both Novatek IP and Novatek Inc. The Novatek group have previously worked with Schlumberger on a number of successful projects, so it was a great move for both organisations.
Schlumberger Limited is currently the world’s biggest company that provides oilfield services. Founded in 1926, the company currently employs around one hundred and eight thousand employees and operates in over eighty five countries.
Novatek specialised in synthetic diamond technology, this technology is currently commonly used in the oil and gas industry. The relationship between Novatek and Schlumberger has always been incredibly positive and is only set to improve.
The two companies have developed technologies that have changed the oil and gas industry for the better. An example of their collaborative work can be seen in the Schlumberger’s StingBlade conical diamond element bit, this product has been a huge success in the market. The two companies have a range of new ideas that are currently being developed on by Schlumberger and will no doubt improve the current drilling technologies offered by them.
Novatek brings its six hundred patents and sixty years worth of experience to the acquisition. The company is set to continue developing its synthetic diamond technology and the company will still remain based in Utah.
The reason for the takeover is clear. By working together, Schlumberger can enhance and improve its drilling capabilities for its valued customers. They can also spend more time on research and will be able to improve both their engineering and manufacturing performance. This acquisition also further cements Schlumberger’s position as a global leader in the oil and gas industry.
In fact, this is the second acquisition the company has agreed to make over the last few months. This is despite the fact that the company had to recently make around twenty one thousand layoffs. Twenty one thousand redundancies accounted for around fifteen per cent of their total workforce, so this was a huge and devastating cut to many. These cutbacks were put down to the current situation in the oil and gas market and were seen as unavoidable.
Last month Schlumberger also acquired Cameron International – an oilfield equipment manufacturing organisation for a whopping fourteen point eight billion united states dollars.
Cameron is also a leading oil and gas service provider. They currently have a substantial catalogue of flow equipment items, services and systems that are of huge benefit to oil and gas companies across the globe. The company employs more than twenty four thousand employees and can be found operating in more than 300 worldwide locations.
The oil and gas market have been incredibly positive about this acquisition and if one thing’s for sure, we are expecting to see great things from the Schlumberger group over the next few years.