By September 3, 2015 Read More →

Schlumberger buys Novatek, inventors of synthetic diamonds for drilling

Novatek boasts 60-year history of synthetic diamond development, more than 600 patents

Schlumberger announced Wednesday that it has acquired Utah-based Novatek, which specializes in synthetic diamond technology for the oil and gas industry.

Novatek

Multimillion-dollar computer-controlled diamond press, shown with EGL’s Branko Deljanin  and Novatek President David Hall (r). Photo: www.professionaljeweler.com.

“Since my father, Tracy Hall, synthesized the first manmade diamond 60 years ago, synthetic diamond technology has revolutionized the diamond cutting and drilling industries,” said David Hall, founder and president of Novatek, said in a press release.

“Our new relationship with Schlumberger will help us to continue this legacy of innovative technology development.”

The existing relationship between Schlumberger and Novatek has delivered industry-leading technologies, such as the Schlumberger StingBlade conical diamond element bit.

“Novatek’s synthetic diamond manufacturing technology is already a key component of our drillbit offering,” said Khaled Al Mogharbel, president, Schlumberger Drilling Group.

The relationship between the two companies has also been an incubator of novel ideas that are being incorporated into Schlumberger’s newest drilling technology offerings.

“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,” said Al Mogharbel.

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.

Schlumberger says it acquired Novatek Inc. and Novatek IP, LLC, both US-based companies. The acquisition provides a new platform for Schlumberger to pursue its vision of continuously improving drilling performance for customers, the company said in its release.

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