and ReedHycalog (acquired by National Oilwell Varco in 2008).

By 2014, Ulterra (then a subsidiary of ESCO Corp.) and Varel International (a subsidiary of Swedish engineering group Sandvik) had together gained nearly 30% of the U.S. bit market and eroded the historical dominance of the Smith, Halliburton, and Baker Hughes. By 2018, Schlumberger, which acquired Smith in 2010, became dominant in international markets thanks