The Norwegian competition authority has granted conditional approval for Schlumberger's acquisition of ChampionX, which involves the purchase of 100% of ChampionX's shares. This acquisition raised concerns regarding potential anti-competitive effects in the markets for permanent well monitoring and directional drilling in Norway, particularly due to the exclusion of essential inputs such as quartz transducers and diamond bearings.

In response to these concerns, Schlumberger has committed to several remedial measures. Notably, ChampionX will sell its subsidiary, US Synthetic, to LongRange Capital or another suitable independent buyer. Additionally, Schlumberger will enter into long-term supply agreements with certain customers to ensure access to products and services from ChampionX's Quartzdyne business, offering non-discriminatory terms to other customers for a period of five years.

Furthermore, Schlumberger has agreed to establish a global licensing agreement to facilitate the entry of a new supplier of quartz transducers for use in permanent well monitoring and directional drilling on the Norwegian continental shelf. The acquisition cannot proceed until the sale of US Synthetic is completed and the competition authority has approved the signed supply agreements and licensing agreement with an independent third party.

The competition authority believes that the measures proposed by Schlumberger will ensure continued effective competition in the relevant markets, leading to the approval of the acquisition under these conditions.