Schlumberger purchases coiled tubing assets from Xtreme

Schlumberger has entered into an agreement to acquire the coiled tubing drilling and coiled tubing units from Xtreme Drilling and Coil Services Corp.

Apr 27th, 2016

Offshore staff

HOUSTONSchlumberger has entered into an agreement to acquire the coiled tubing drilling and coiled tubing units from Xtreme Drilling and Coil Services Corp.

Xtreme currently owns a fleet of 11 coiled tubing units located inSaudi Arabia and the US. The transaction is subject to customary closing conditions and is expected to close in 3Q 2016.

Sherif Foda, president, Production Group, Schlumberger, said: “With the addition of Xtreme’s coiled tubing assets, we continue our pursuit of advancing overall drilling and well intervention efficiency through technology integration to help our customers improve production at a lower cost per barrel. The combination of our existing technology portfolio with Xtreme’s proprietary technology will result in a step change in operational performance.”

Tom Wood, CEO, Xtreme, added: “The purchase of Xtreme’s industry leading, advanced AC-electric coiled tubing technology validates our long-term vision to develop the most automated and advanced coiled tubing system in the world. This complements Schlumberger’s focus on operational efficiency and market expansion through automation and integration.”

04/27/2016

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