Lufkin Industries said on Monday it had acquired oilfield services giant Schlumberger’s North American unit that helps boost production from wells using so-called rod lift gear.
The company did not provide a deal value.
Schlumberger had put the rod lift business on sale, even before the industry was hit by an unprecedented decline in demand and prices due to the COVID-19 pandemic.
Schlumberger has been retrenching, pulling out of businesses and cutting thousands of employees to halt losses, and most recently agreed to sell its North American shale fracking business to rival Liberty Oilfield Services.
Reuters reported earlier this year that Schlumberger, along with rivals Halliburton Co and Baker Hughes had put units up for sale, as the three largest names in oilfield services sought to reshape their businesses and adjust to falling demand.
Source: Reuters.com