Diamould employs more than 70 staff, and designs and manufactures all types of connectors from its plant in Barrow-in-Furness, Cumbria, UK.

This facility would be established as a centre of excellence for all electrical, hydraulic and fibre-optic connector requirements, according to Schlumberger well completions & productivity president Saad Bargach.

"The increasing application of intelligent completion systems is driving demand for reliable electrical, hydraulic and fibre-optic connectors, making this an important step for Schlumberger as it will allow us to better serve the needs of our clients," Bargach said.

The value of the transaction was not disclosed.