Schlumberger Takes Minority Stake in PetroMarker

Schlumberger has acquired a minority interest in PetroMarker, a Norwegian-based company that specializes in the development of marine electromagnetics technologies. Schlumberger provides electromagnetics services through its WesternGeco Electromagnetics business.

"We look forward to this relationship with PetroMarker," said Dalton Boutte, president of WesternGeco. "Their technology is complementary to our current initiatives in electromagnetics and we are optimistic about the possibilities going forward. We continue to believe that the integration of seismic and electromagnetics has enormous potential to provide a step change in reservoir definition."

"We have developed a unique method of electromagnetics measurement and interpretation," said Jan M. Wennesland, Chairman of PetroMarker. "We see this investment by Schlumberger as a positive verification of the high-quality solutions developed by our dedicated team."

Electromagnetics is a subsurface measurement used by the oil and gas industry for enhanced reservoir description and is one of the fastest-growing new technologies in the oilfield.