Halliburton Acquires Magic Earth
Halliburton announces that the merger of an indirect, wholly owned subsidiary of Halliburton into Magic Earth, Inc., a leading 3-D visualization and interpretation technology company, was completed. As a result of the stock-for-stock transaction valued at $100 million, Magic Earth becomes a wholly owned business unit of Halliburton.
This acquisition complements the full suite of integrated exploration, drilling and production technologies from Landmark – Halliburton's wholly owned business unit – by adding Magic Earth's real-time 3-D visual interpretation technology. "We believe that our oil and gas exploration customers will benefit tremendously as a result of integrating key technologies provided by Magic Earth and Landmark," said Dave Lesar, chairman, president and CEO of Halliburton. "We see the integration of Magic Earth's software and Landmark's data infrastructure and other leading software tools as a major step forward to the next level of value creation."
Edgar Ortiz, president and CEO of Halliburton's Energy Services Group, underscored the importance of the acquisition and the real-time reservoir solutions that become available for customers. "This acquisition will allow us to further differentiate ourselves in the area of real-time reservoir knowledge. Magic Earth's 3-D visual interpretation solutions will significantly reduce the time it takes to interpret seismic data, enabling customers to capture value early in the reservoir life cycle."
"We're exceptionally pleased to be joining the Halliburton and Landmark family," said Michael J. Zeitlin, the current chairman of Magic Earth. Zeitlin will remain president and CEO of Magic Earth.