Schlumberger has acquired Peak Well Systems, a provider of flow control technologies. The seller was Summit Partners. No financial terms were disclosed.
HOUSTON, TEXAS — Schlumberger today announced the acquisition of Peak Well Systems (Peak), a leading specialist in the design and development of advanced downhole tools for flow control, well intervention and well integrity.
The addition of Peak’s mechanical and remedial solutions for cased-hole well intervention strengthens the Schlumberger Production Services portfolio with a broader offering of mechanical services to its global customers.
“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. “Bringing Peak technologies into our existing Production Services portfolio will give us the opportunity to offer our customers fully integrated well intervention solutions on electric line, mechanical slickline or digital slickline.”
Nigel Avern, chief executive officer, Peak Well Systems, added, “Schlumberger’s acquisition of Peak is extremely positive news for both companies and for 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. This is a natural fit for both companies and one which will ultimately benefit our customers.”
Peak Well Systems designs and manufactures advanced downhole tools that isolate, extend well life, restore well integrity and enhance well performance with SIM retrievable bridge plugs and disruptive technologies such as the SIM ULTRA plug, which is a high performance retrievable bridge plug capable of providing HPHT and gas tight (ISO 14310:2008 – Grade V0) zonal isolation, even in sour gas conditions.
Existing Peak customers will continue to have access to the full range of Peak’s well intervention products, and will now benefit from a wider distribution network and world-class service delivery platform offered by Schlumberger, in all global markets.
Schlumberger acquired Peak from growth equity investor Summit Partners and the company’s founders and management team.
Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry’s most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.
Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $35.47 billion in 2015. For more information, visit www.slb.com.