Analysts expected Schlumberger Ltd.’s (SLB) $14.8 billion acquisition of Cameron International Corp. (CAM) to spur oilfield service M&A activity, and so far it has─by Schlumberger and Cameron.

On Sept. 2, Schlumberger said it purchased Novatek Inc. and Novatek IP LLC, companies founded by H. Tracy Hall. Hall is the scientist who invented the first reproducible process of creating man-made diamonds. In Hall’s 2008 obituary, the Los Angeles Times wrote that Hall’s achievement was considered “on a par with converting lead into gold.”

The U.S.-based companies specialize in synthetic diamond technology primarily for the oil and gas industry. The company, founded in 1955, has won 637 patents for various drilling equipment.

The transaction follows an Aug. 31 agreement by Cameron to sell its offshore rigs business to a subsidiary, Keppel Offshore & Marine, for $100 million.

Terms of the Schlumberger acquisition of Novatek were not disclosed.

In April, Novak IP LLC filed documents with the Securities and Exchange Commission reporting on the sale of $20 million in debt. At the time of the filing, the company had sold $13.6 million to 26 investors.

The company listed its revenues between $5 million and $25 million.

Schlumberger and Novatek have an existing relationship, deploying industry-leading technologies such as the Schlumberger StingBlade conical diamond element bit. Novatek has also contributed novel ideas that are being incorporated into Schlumberger’s newest drilling technology offerings, the company said.

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.”

David Hall, Novatek founder and president, said that since his father, Tracy Hall, synthesized the first manmade diamond 60 years ago, the technology has revolutionized the diamond-cutting and drilling industries.

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

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.

On Aug. 26, Schlumberger said it will buy joint venture partner Cameron in a deal that expands the company into subsea and equipment manufacturing. Cameron will receive 78.2% stock and 21.8% cash.

Analysts generally lauded the merger, which pays pre-oil crash value for Cameron, the second-largest player in the subsea equipment market.

Cameron stockholders will own 10% of Schlumberger upon completion of the deal.