SLB has closed its previously announced acquisition of ChampionX Corporation.

Under the terms of the agreement, ChampionX shareholders received 0.735 shares of SLB common stock in exchange for each ChampionX share.

With the closing of the transaction, former ChampionX shareholders now own approximately 9 per cent of SLB’s outstanding shares of common stock.

The integration of ChampionX production chemicals and its complementary artificial lift, digital, and emissions technologies enhances the SLB portfolio, helping to drive performance and extend asset life along the production lifecycle.

"This acquisition comes at a pivotal time in the industry as our customers increasingly prioritise advancements in production to maximise recovery of oil and gas," said Olivier Le Peuch, chief executive officer of SLB. "This move expands SLB’s presence in this important, less cyclical, and growing market that aligns closely with our returns-focused, capital-light core growth strategy. It extends our capability to provide integrated production solutions and provides another platform for accelerating digital adoption, optimising production and reducing total cost of ownership for our customers."