Schlumberger Acquires ThruBit

HOUSTON (Dec. 16, 2011) - Schlumberger announced the acquisition of ThruBit, LLC, a Shell Technology Ventures Fund portfolio company, formed in 2005. ThruBit provides openhole logging services conveying the smallest openhole logging tools available in the industry, using a unique through-the-bit deployment technique.

“The addition of ThruBit to our leading technology portfolio brings new opportunities for our clients to more efficiently evaluate horizontal wells, and optimize completion designs, using the smallest-diameter, high-specification formation evaluation technology currently in the industry,” said Daniel Palmer, manager, marketing and technology, Schlumberger Wireline.

ThruBit services have been run on some of the longest horizontal operations in North America and in difficult hole conditions when it was not possible to acquire normal wireline logs. The company’s unique technology allows slim formation evaluation logging tools to be efficiently deployed through the drill string out of the drill bit into open hole in memory mode, acquiring critical data in unconventional reservoirs with minimal rig time.

With more than 110 employees, ThruBit is based in Houston and operates in Texas, Oklahoma and Colorado.

Schlumberger is a supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 110,000 people representing more than 140 nationalities and working in approximately 80 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production.