Message #46 From:
NewsBot Date: January 22, 2007 05:33:00 AM
HAL News Halliburton to Acquire Ultraline, Expanding Company's Wireline Capabilities
HOUSTON--(BUSINESS WIRE)--Halliburton’s (NYSE:HAL) Drilling and
Formation Evaluation division, part of the company’s
Energy Services Group, has entered into a definitive agreement to
acquire all intellectual property, current assets and existing business
associated with Calgary-based Ultraline Services Corporation, a division
of Savanna Energy Services Corp. (TSX:SVY).
Ultraline is a significant provider of wireline services in Canada and
is known for its expertise in cased hole wireline and production logging
services. Under the terms of the agreement, Halliburton will pay
approximately USD $177 million, subject to adjustment for working
capital purposes.
“This addition is in line with Halliburton’s
strategy to pursue acquisitions that supplement our existing businesses,”
said Tim Probert, senior vice president of Halliburton’s
Drilling and Formation Evaluation division. “Ultraline’s
robust wireline service offering in Canada will augment Halliburton’s
current suite of formation evaluation technologies and further support
the growth of our successful wireline business globally.”
The transaction is expected to close in the first quarter, subject to
regulatory approvals. When the acquisition is complete, Ultraline’s
nearly 200 employees will transfer to Halliburton.
With more than 45,000 employees in nearly 70 countries, Halliburton’s
Energy Services Group serves the upstream oil and gas industry
throughout the life cycle of the reservoir —
from locating hydrocarbons and managing geological data, to drilling and
formation evaluation, well construction and completion, and optimizing
production through the life of the field.
Halliburton, founded in 1919, is one of the world's largest providers of
products and services to the petroleum and energy industries. The
company serves its customers with a broad range of products and services
through its Energy Services Group and KBR. Visit the company's Web site
at www.halliburton.com.
