Oilfield service providers have followed energy producers in pursuing deals as they navigate operational and pricing challenges while catering to customers who have cut spending on new wells in favor of investor returns.
This is SLB's second acquisition in a week and its biggest purchase since 2016 when it bought oilfield gear maker Cameron International for $14.8 billion.
Last year, Patterson-UTI Energy and NexTier Oilfield Solutions agreed to merge in an all-stock deal to create a $5.4 billion oilfield services company.
SLB said the latest deal would beef up its operations by adding production chemicals and artificial lift technologies to its portfolio.
Tudor Pickering & Holt analyst Matt Portillo said use of production chemical could increase as global assets mature and the deal should boost SLB's chemically intensive offshore strength.
ChampionX shareholders will receive 0.735 shares of SLB common stock, or $40.59 per share, representing a premium of 14.7% to ChampionX's last closing price.
ChampionX shares surged 9% in early trading, while SLB fell nearly 2%.
