Schlumberger Ltd., Houston, (NYSE: SLB) has acquired privately held French oilfield-services company Geoservices for US$1.07 billion.

Geoservices specializes in mud logging, slickline and production surveillance operations, particularly in emerging deepwater markets. It employs approximately 5,000 people active in more than 50 countries worldwide.

Andrew Gould, chairman and CEO of Schlumberger, says, “The addition of mud logging technology to the Schlumberger portfolio is an important step in the development of higher-performance drilling systems. The combination of Schlumberger real-time downhole formation sampling measurements with Geoservices’ drilling mud analysis will help customers better identify and react to drilling hazards, while the combination of mud logging with Schlumberger formation evaluation measurements will bring more complete understanding of rock lithology and fluid content.”

Gaston Rebilly, founder of Geoservices, says, “Both our companies value people and technology as the means to bring greater value to our customers. The complementary nature of our services offers the opportunity to accelerate growth in both technology development and operational deployment.”

French private-equity firm Astorg Partners is majority owner of Geoservices.