Peak, which also has a facility in Aberdeen, Scotland, develops downhole tools for flow control, well intervention and well integrity.

The addition of Peak's mechanical and remedial solutions for cased-hole well intervention is designed to strengthen Schlumberger's global production services portfolio with a broader offering of mechanical services, Schlumberger wireline president Hinda Gharbi said.

"In the past few years, Peak has developed a portfolio of flow control technologies that are recognised as some of the leading products in the industry largely due to their simplicity, performance, reliability and ease of retrievability," Gharbi said.

"Bringing Peak technologies into our existing production services portfolio will give us the opportunity to offer our customers fully integrated well intervention solutions on electric line, mechanical slickline or digital slickline."

Peak CEO Nigel Avern described the acquisition as "extremely positive news for both companies" and for the industry in general.

"We have been working closely with Schlumberger on several collaborations and initiatives during the past year and what has become clearly apparent is our compatibility. This is a natural fit for both companies and one which will ultimately benefit our customers."

Peak developed the SIM retrievable bridge plugs and other disruptive technologies such as the SIM Ultra plug, which is a high performance retrievable bridge plug capable of providing HPHT and gas tight zonal isolation, even in sour gas conditions.

Existing Peak customers will continue to have access to the full range of Peak's well intervention products, and will now benefit from a wider distribution network and world-class service delivery platform offered by Schlumberger, in all global markets, Avern said.