Schlumberger acquires synthetic diamond specialist Novatek

HOUSTON -- Schlumberger announced Wednesday that it has acquired Novatek Inc. and Novatek IP, LLC, U.S.-based companies that specialize in synthetic diamond technology primarily for the oil and gas industry.

The existing relationship between Schlumberger and Novatek has delivered leading technologies, such as the Schlumberger StingBlade conical diamond element bit, and has been an incubator of novel ideas that are being incorporated into Schlumberger’s newest drilling technology offerings. Building on this collaboration, the acquisition provides a new platform for Schlumberger to pursue its vision of continuously improving drilling performance for customers.  

“Novatek’s synthetic diamond manufacturing technology is already a key component of our drillbit offering,” said Khaled Al Mogharbel, president, Schlumberger Drilling Group. “With the addition of Novatek, we will enhance our research, engineering and manufacturing capabilities and continue to work with our customers to accelerate field adoption of these innovative drilling technologies.”  

Novatek boasts a 60-year history of product development with a portfolio of more than 600 patents. Core development of synthetic diamond technology and other technologies will continue at the company’s lab in Provo, Utah, where most of the employees are based.