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Halliburton And Global Sign Agreement To Provide Total Abandonment Services
HOUSTON, Texas - Halliburton Energy Services and Global Industries, Ltd. announced today that they have signed an alliance agreement to offer a total package of abandonment services to oil and gas operators in the Gulf of Mexico. The alliance, to be known as Total Abandonment Services (TAS), will combine the financial and operational strengths of each company to provide all facets of the abandonment process including engineering, project management, wellbore plug and abandonment, structure removal and site remediation.
At any point in the life of a producing field, oil and gas operating companies will be able to turn the complete well abandonment operation over to the alliance. This will free them to use the associated engineering and project management resources for revenue generating activities. Cost efficiencies will be realized as the alliance partners integrate work processes through job coordination and project management, shared use of construction vessels and consolidated administrative services.
Ken LeSuer, President and CEO of Halliburton Energy Services said, "Our customers have expressed a real need for a turnkey solution to well abandonment. Most want to keep their resources focused on projects that generate revenue. Our ability to evaluate the reservoir, identify candidates for production enhancement and manage the wellbore plug and abandonment, combined with Global's derrick barge, liftboat and diving capabilities, give us a unique opportunity to provide the total solution to this need."
Abandonment activity is steadily increasing in the Gulf of Mexico as producing fields mature and wells reach the end of their economic life. According to Minerals Management Services, there are over 3,800 structures in the federal waters of the Gulf of Mexico. These structures have been in operation an average of 15 years and one-third are over 20 years old. Once production ceases, federal regulations require that these structures be removed and the sites restored. In 1992 and 1993, the number of removals of offshore structures exceeded the number of new installations in the Gulf of Mexico.
W. J. Dore', Chairman, President and CEO of Global said, "We are always seeking to respond to requests from our customers for new and innovative solutions. Recently, they began asking for assistance in dealing with increasing abandonment responsibilities. Global's traditional services focused on structure removal and site remediation. By combining forces with Halliburton, we can provide a wider range of services to our customers. Each program be customized according to each customer's needs."
"These two companies are uniquely positioned with the broad capabilities to offer a total solution," said Tom Slocum, TAS Program Manager. "As we incorporate 'best practices' into a seamless organization with a single point of contact, our customers will see opportunities to reduce the costs associated with these procedures."
Global Industries Ltd. (NASDAQ: GLBL) offers solutions to worldwide offshore needs by providing a wide array of pipeline, derrick, diving and special services. Its fleet of marine vessels is the largest dedicated to marine construction in the Gulf of Mexico.
Halliburton Energy Services, a Halliburton Company (NYSE: HAL) organization, is one of the world's leading suppliers of energy products and services. Founded in 1919, the organization provides a broad range of services and products to the energy industry on a global basis.
Contact
Brandon Lackey
Public Relations
(p) 713.624.3463
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