Halliburton Enters Agreement to Acquire 100% of WellDynamics

Halliburton has entered into a definitive agreement with Shell Technology Ventures Fund 1 B.V., to acquire its 49 percent equity interest in WellDynamics B.V. This agreement is subject to receipt of necessary regulatory approvals. Following completion of the transaction, Halliburton will own 100 percent of WellDynamics.

Founded in 2001, WellDynamics is the world's leading provider of intelligent well completion technology. WellDynamics' SmartWell technology has been successfully deployed in over 300 wells worldwide. WellDynamics is headquartered in The Hague, Netherlands, and has approximately 510 employees with principal offices in Houston, Texas, and Aberdeen, U.K.

"Our clients continue to focus on increasing the productivity of their reservoirs while maximizing ultimate recovery. SmartWell technology is a key enabler for these objectives, particularly in complex reservoirs and those in deep water where the technology minimizes the frequency of intervention," said David King, president of Halliburton's Completion & Production Division. "Halliburton will build on WellDynamics' leadership in SmartWell technology with enhanced reservoir monitoring and well completions technology."

"WellDynamics and Landmark have combined SmartWell and WellSolver technology to create a key workflow for Halliburton's Digital Asset environment, enabling engineering personnel to model, measure and optimize well performance in a real-time, collaborative environment, optimizing overall asset performance," added Tim Probert, executive vice president of Strategy and Corporate Development for Halliburton.