Schlumberger Expands Production Services Portfolio with Peak Buy

Oilfield service firm Schlumberger will expand its production services portfolio by acquiring Peak Well Systems, a designer and developer of advanced downhole tools for flow control, well intervention and well integrity.

Schlumberger acquired Peak from growth equity investor Summit Partners and the company’s founders and management team, Schlumberger said in a Jan. 5 press release.

“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, said in the release.

The addition of Peak technologies will allow Schlumberger to offer customers fully integrated well intervention solutions on electric line, mechanical slickline or digital slickline.

In the past year, both companies worked together on several collaborations and initiatives. During that time, the compatibility of the two companies became apparent, Nigel Avern, chief executive officer of Peak, stated in the release. Current Peak customers will still have access to all of Peak’s well intervention products, as well as Schlumberger’s delivery platform offered worldwide.

Schlumberger spokesperson Susan Ganz told Rigzone the company couldn’t comment on future acquisition plans for 2017. Ganz noted that the company is known for being a technology leader and is always working on developing new services and products.

“We have a strong commitment to research and development as part of our ongoing efforts to advance our technology portfolio to increase recovery and lower cost per barrel for our customers,” Ganz said.

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