Schlumberger (NYSE: SLB) has purchased an artificial lift business, Shores Lift Solutions, from White Deer, a private equity fund, said James West, analyst for Barclays Capital Ltd. in an Oct. 28 report.
Shores Lift, based in Edmond, Okla., focuses on pump jacks and sucker rods in North America. The purchase is a "shift for SLB, which has historically focused on electric submersible pumps (ESPs) internationally,” West said.
Industry reports estimated the purchase price was below $500 million, according to Baird Energy. A Schlumberger spokeswoman said the company does not comment on M&A activity.
Shores Lift Solutions provides artificial rod lift equipment, field services and optimization solutions. White Deer Energy manages $2.2 billion in two private equity funds targeting investments in oil and gas exploration and production, oilfield service and equipment manufacturing and the midstream sectors of the energy business.
Schlumberger Ltd. supplies technology, integrated project management, and information solutions to oil and gas E&P industries worldwide. The company is based in Houston.