Undeterred by challenging market conditions, oilfield services giant Schlumberger Ltd. (NYSE: SLB) has strengthened its technology toolbox with two more acquisitions this week.

The company, which closed its $14.8 billion merger with Cameron International Corp. in April, has acquired Houston-based Omron Oilfield and Marine Inc., an automation technology and solutions specialist. The news was announced June 2.

“The addition of Omron Oilfield and Marine will enable us to strengthen our industrial automation control systems capabilities as part of our long-term strategy to develop an integrated well construction system,” said Ashok Belani, executive vice president of technology for Schlumberger. “The control system plays a pivotal part in developing the software capabilities required to realize our vision to provide our customers with a step change in drilling performance.”

The deal, for which the terms and value were not disclosed, was the second acquisition of the week for Schlumberger. Just a day prior to the announcement, Schlumberger said it acquired Saltel Industries, a France-headquartered engineering, manufacturing and service firm.

Schlumberger touted Saltel’s expertise in inflatable packers and expandable tubulars for steel patches and packer technology applications as well as the technology’s ability to reduce operational risk and cost, notably in cementing operations.

Omron offers third-party integration, field service, OEM and aftermarket parts, and customer training on automated drive and control systems and other equipment for the oil and gas industry, according to its website. Acquired by Omron Corp. in 1999, the company—which has 139 employees—also offers software-based drilling technologies.

“This acquisition strengthens our technology portfolio in the growing completions remedial services market and the unique expandable steel packer technology has the potential to disrupt the open-hole isolation market,” said Olivier Le Peuch, president of completions for Schlumberger.

Schlumberger is not letting the drilling activity slowdown brought on by lower commodity prices amid the global supply-demand imbalance halt M&A investment, which was one of the investment areas highlighted by Schlumberger CEO Paal Kibsgaard during the company’s first-quarter 2016 results call.

During the first three months of the year, the company saw its revenue fall 36% year-on-year to $6.5 billion as it cut about 8,000 jobs. In North America, where thousands of drilled but uncompleted wells await higher oil prices, operating expenses exceeded the cost of goods sold for Schlumberger. International revenue fared no better, as revenue dropped 28% to nearly $5 billion.

Pricing pressure, delayed or cancelled projects, and budget cuts from its customers were to blame.

Schlumberger will discuss its second-quarter 2016 earnings July 22.

Although profits were down and plans include spending about $400 million less this year, the company has still managed to generate cash to “to capitalize on a variety of significant business opportunities while continuing to return cash to our shareholders through dividends and stock buy-backs.”

In addition to the Saltel and Omron acquisitions, Schlumberger’s 2016 acquisitions include:

  • Meta Downhole Ltd. The engineering and service company offers downhole metal-to-metal isolation technology in well integrity applications and
  • Asset Development & Improvement Ltd., an oil and gas consultancy.

Schlumberger also announced in April plans to acquire Calgary-based Xtreme Drilling and Coil Services Corp., which owns 11 coiled tubing units in Saudi Arabia and the U.S. The deal was worth the equivalent of US $162.5 million, according to Xtreme.

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Velda Addison can be reached at vaddison@hartenergy.com.