Halliburton KBR Acquires GVA Consultants

Halliburton KBR, has acquired GVA Consultants AB, from British Maritime Technology Limited for an undisclosed amount.

"GVA Consultants complements Halliburton KBR's experience and expertise," said Dave Lesar, chairman, president and CEO of Halliburton. "Halliburton KBR is one of the pioneers of the offshore industry with more than 50 years of experience in designing, building and developing technology for offshore facilities for the discovery and production of oil and gas. GVA C has more than 20 years of experience in the design and construction of semisubmersibles for the offshore industry. With this addition, we have the tools to provide our clients with the ultra-deepwater options that they will require as we move into the future."

Chairman and Chief Executive of BMT, David Goodrich, said: "Selling GVA Consultants was a difficult decision to make. But on balance the increased opportunities for GVA Consultants under the Halliburton KBR ownership led to the conclusion to sell."

A large number of GVA C semisubmersibles are in operation worldwide. Earlier this year, BP awarded GVA C the contract to design the largest steel semisubmersible production and drilling unit in the world for its Crazy Horse oil field development in the Gulf of Mexico. The unit will operate in more than 6,000 feet of water.

Jan Veldwijk, senior vice president of Halliburton KBR's Offshore Operations, said, "This acquisition demonstrates our commitment to be a major player in the offshore industry for many years to come."

As energy companies search for oil and gas in ultra-deepwater, Halliburton KBR's acquisition of GVA C positions the company to offer solutions to one of the most challenging aspects in the process of profitable hydrocarbon recovery in ultra-deepwater fields -- the selection of the most appropriate field development platform.

"When an ultra-deepwater field can be largely exploited from a single drill center, the selection quickly narrows to a choice between a drilling production spar or semi-submersible," said Richard D'Souza, director, Halliburton KBR Deepwater Technology. "The semisubmersible platform is ideally positioned to capitalize on subsea technology. Its inherent flexibility to accommodate reservoir uncertainty, relative insensitivity to water depth and adaptability to future subsurface and subsea technology advances will enable significant reduction in capital costs, cycle tie to peak production and project risks."