SHARE

Schlumberger said on Friday that it has acquired Peak Well Systems (Peak), a specialist in the design and development of advanced downhole tools.

Schlumberger acquired Peak from growth equity investor Summit Partners and the company’s founders and management team.

The terms of the acquisition have not been disclosed.

UK-based 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.

The company also enhances well performances through technologies such as the SIMULTRA*plug, a high performance retrievable bridge plug capable of providing HPHT and gas tight zonal isolation, even in sour gas conditions.

“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 CEO Nigel Avern said.

Houston-based Schlumberger said that existing Peak customers will continue to have access to the full range of Peak’s well intervention products under the deal.

Schlumberger added that Peak customers will also now benefit from a wider distribution network and world-class service delivery platform offered by Schlumberger, in all global markets.

Schlumberger said 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,” Schlumberger Wireline president Hinda Gharbi said.