Halliburton closed the acquisition of Boots & Coots, Inc., creating the industry’s premier intervention services and pressure control product service line.
The merger combines Halliburton’s coiled tubing and hydraulic workover operations with Boots & Coots’ well intervention services, providing operators with a more comprehensive production services portfolio.
Halliburton acquired all of the outstanding stock of Boots & Coots through the stock and cash transaction. Boots & Coots’ operating management have been retained to lead Halliburton’s Boots & Coots product service line with operating results reported through Halliburton’s Completion and Production reporting segment. The acquisition is expected to be accretive in the first full year of operation.
“We are pleased to close this acquisition and initiate the integration process with Boots & Coots’ talented group of professionals,” said Marc Edwards, Halliburton’s senior vice president of Completion and Production. “Through the new Boots & Coots product service line, our customers will have access to the industry’s most advanced and wide-ranging suite of well intervention and pressure control services to optimize and improve full life-cycle returns.”
“Merging with Halliburton serves as a perfect complement to Boots & Coots’ growth strategies and is a natural addition to Halliburton’s global service capabilities,” said Jerry Winchester, Halliburton’s vice president of the Boots & Coots product service line.
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With more than 50,000 employees in approximately 70 countries, the company serves the upstream oil and gas industry throughout the life cycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field.
Source: Halliburton, September 19, 2010: