The agreement gives Schlumberger the exclusive rights to distribute MyCelx’s products in the upstream market.
The AIM-listed firm says it will work with oilfield services giant to expedite the industry adoption of its RE-GEN product line.
“We are extremely pleased to be working with Schlumberger to bring our products to their global upstream customer base,” said chief executive Connie Mixon.
The company’s water treatment technology permanently removes oil and hydrocarbons from water, helping oil companies to reduce their environmental impact.
It says it will retain its current business in the downstream market for all its products and services.
Shares were down 5p, or 18%, to 22.5p.