Halliburton Wins $175 Million Contract From Pemex

Halliburton's subsidiary, Halliburton de Mexico, has been awarded a 2-year, $175-million contract to drill 27 turnkey wells in Southern Mexico by Pemex.

"Halliburton is very pleased to have been awarded this significant contract, which expands our important relationship with Pemex and solidifies our growth strategy in this very important market," said John Gibson, president and CEO Halliburton's Energy Services Group. "Halliburton will work with Pemex to help them achieve increased production and enhanced efficiency in their drilling programs by the use of state of the art technologies and equipment."

As part of the contract, Halliburton will provide directional drilling, MWD, LWD, drilling mud, bits, cementing, logging, testing, acidizing, coil tubing, and completion services. Parker Drilling (NYSE:PKD) will provide the rigs and drilling crews to Halliburton for the project.

"We've historically had a strong presence in Mexico, and through this project, we will strengthen our relationship with Pemex in the discrete and integrated services market. This is the first integrated services project in the Southern Region of Mexico, and we are very proud of being selected by Pemex for this pioneering project. Our project management expertise and cutting edge technologies will enable us to deliver these complex wells at the lowest cost and shortest drilling time, while ensuring best of class safety, environmental, and quality results, in support of Pemex's increased production goals and sustainable development." said Manuel Palomo, regional vice president, Latin America North, Halliburton.