HALLIBURTON ENTERS INTO AGREEMENT TO ACQUIRE PSL ENERGY SERVICES LTD

April 2007

PSL Energy Services Ltd (PSLES) has entered into a definitive agreement to sell 100% of the company’s shares to Halliburton Manufacturing and Services Ltd. This agreement is subject to regulatory approval which id expected to take no more than 60 days

Doug Duguid, PSLES Managing Director, said: “PSLES brings a number of proprietary technologies to Halliburton relating to subsea pipeline and excavation operations. Additionally, PSLES has capabilities that will broaden Halliburton’s ability to deploy its chemical and tool technologies.

“This combination of businesses will provide greater opportunities for our employees and enhance value to our customers. There are great cultural similarities between the companies particularly in safety and service quality and this will assist in the integration process.”

Founded in 2003, PSLES is a leading provider of process, pipeline and well intervention services, including flange management and bolting, leak testing, pre-commissioning services, hydrotesting, hydraulic workover, coiled tubing, slickline and pumping services. The company, headquartered in Aberdeen, United Kingdom, has approximately 1,100 employees and operational bases in the U.K., Norway, Middle East, Azerbaijan, Algeria and Asia-Pacific locations.  

“Geographic growth in the Eastern Hemisphere and expanded proprietary service technologies are compelling reasons for this acquisition,” said David King, senior vice president of Halliburton’s Production Optimization division. “Bringing the two companies together will greatly improve our ability to help our customers meet their goals for production enhancement.”

“In the Well Intervention business we are enhancing our ability to reliably deploy complex well intervention solutions, such as PinPoint Stimulation, PropStop SM and live well intervention services. This acquisition accelerates deployment of these services internationally, especially in the Eastern Hemisphere,” explained Mark Phillips, vice president of the Production Enhancement product service line within the Production Optimization division. 

More News