Schlumberger has acquired a synthetic diamond manufacturer in a deal the company believes will improve its drilling technology.

The oil field services giant announced Wednesday that it bought up Novatek Inc. and Novatek IP, based in Provo, Utah, after working with the company to develop new innovations in drilling equipment. Via an existing relationship, Schlumberger has incorporated several of Novatek’s ideas into its portfolio, including a conical diamond drill bit that can drill further and deeper in challenging environments that would otherwise damage conventional drill bits, according to Schlumberger.

“With the addition of Novatek, we will enhance our research, engineering and manufacturing capabilities and continue to work with our customers to accelerate field adoption of these innovative drilling technologies,” Khaled Al Mogharbel, president of the Schlumberger Drilling Group said in a statement.

Terms of the deal for Novatek weren’t disclosed. The company has a 60-year history of product development and holds more than 600 patents.

“Since my father, Tracy Hall, synthesized the first man-made diamond 60 years ago, synthetic diamond technology has revolutionized the diamond cutting and drilling industries,” Novatek founder and president David Hall said in a statement. “Our new relationship with Schlumberger will help us to continue this legacy of innovative technology development.”

Novatek will continue operating at its labs in Provo, where most of its employees are based, Schlumberger said.

The acquisition is the latest by Schlumberger, which has a history of gobbling up companies that it has worked alongside or partnered with on projects. Last week, the firm announced a $12.8 billion deal to buy up Houston-based oil equipment maker Cameron International Corp. in a deal that was seen as a ploy for Cameron’s subsea technology. In 2011, Schlumberger acquired Smith International for $11 billion after teaming up with the Houston-based company on a drilling fluids business.