Schlumberger to sell ChampionX subsidiary in deal with Competition Bureau

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4 days ago

A sign for Schlumberger is displayed on a building Tuesday, March 21, 2023, in Houston. (AP Photo/David J. Phillip)
GATINEAU — The Competition Bureau says Schlumberger Ltd. has agreed to sell a subsidiary of ChampionX Corp. as part of its deal to buy the oilfield services company.
The competition regulator says Schlumberger's acquisition of ChampionX would likely result in a substantial reduction in competition in the supply of critical oilfield services and equipment in Canada.
Its review found the deal would likely lead to reduced innovation and access to products used in drill bits for oil and gas wells and in the provision of directional drilling services and well completion services.
Under its agreement with the regulator, Schlumberger has agreed to sell US Synthetic, a subsidiary of ChampionX and manufacturer of PCD cutters and bearings, and to license intellectual property relating to quartz transducers owned by Quartzdyne, another business of ChampionX.
Schlumberger provides services and equipment to the oil and gas industry in Canada and around the world.
It announced the completion of its all-stock deal to acquire ChampionX on Wednesday.
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This report by The Canadian Press was first published July 16, 2025.