Halliburton to Acquire Wireline Services Firm
Halliburton's Drilling and Formation Evaluation division, part of the company's Energy Services Group, has entered into a definitive agreement to acquire all intellectual property, current assets and existing business associated with Calgary-based Ultraline Services Corporation, a division of Savanna Energy Services Corp.
Ultraline is a significant provider of wireline services in Canada and is known for its expertise in cased hole wireline and production logging services. Under the terms of the agreement, Halliburton will pay approximately US$177 million, subject to adjustment for working capital purposes.
"This addition is in line with Halliburton's strategy to pursue acquisitions that supplement our existing businesses," said Tim Probert, senior vice president of Halliburton's Drilling and Formation Evaluation division. "Ultraline's robust wireline service offering in Canada will augment Halliburton's current suite of formation evaluation technologies and further support the growth of our successful wireline business globally."
The transaction is expected to close in the first quarter, subject to regulatory approvals. When the acquisition is complete, Ultraline's nearly 200 employees will transfer to Halliburton.
With more than 45,000 employees in nearly 70 countries, Halliburton's Energy Services Group 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.
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Company: Savanna Energy Services more info
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