Halliburton Sells Portion of Well Testing Service Unit

Halliburton's Energy Services Group has sold its Surface Well Test and Subsea Test Tree product and service lines within its Production Optimization Division to Power Well Service Holdings, LLC (PWS), an affiliate of First Reserve Corporation for $128.5 million.

Well testing is used in the exploration and development of hydrocarbons to determine reserve and production characteristics. These services are provided in over 20 countries to major national and international oil companies.

Halliburton is still committed to having a leadership position in well testing services, but will focus its investments and energy on downhole technologies and project integration. Supporting the strategy, Halliburton has demonstrated the ability to characterize reservoir performance while drilling through the integration of surface and subsurface data or real-time reservoir evaluation in an underbalanced environment.

"Our decision is a result of listening to our customers," said Gary Godwin, vice president, Production Optimization Division. "Halliburton will continue to provide project management, leadership and downhole systems while partnering with Power Well Services to provide a complete integrated traditional well test. And, to ensure continuous quality service, we will work closely with PWS during the transition. The operational staff will transfer to PWS in order to provide customers with the same high level of service."