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Halliburton To Acquire Enertech
HOUSTON, Texas - Halliburton Energy Services announced today that it has signed a letter of intent to acquire Enertech Engineering and Research Co., a recognized leader in software and well engineering services for oil and gas well construction.
Enertech provides wellbore simulation software and well engineering services for drilling, completion and production operations. The company is the leading provider of solutions for optimizing casing and tubular design in oil and gas wells. Its StressCheck and WellCat software packages have become the industry standard for optimizing casing and tubular design.
These systems incorporate highly accurate borehole temperature and pressure analysis capabilities that have helped Enertech become a leader in solutions for high pressure and high temperature downhole environments.
The acquisition is part of Halliburton Energy Services' strategy to provide added-value solutions by helping their customers reduce costs, reduce cycle time and improve recoverable reserves. A key component of this strategy is providing Integrated Solutions for development planning, well construction, production enhancement and production maintenance.
Halliburton has a number of current and planned well construction projects that will benefit from Enertech's technology and expertise. Alignment with Halliburton will also enable Enertech to advance its software development efforts.
"Combining our broad well construction capabilities with Enertech's capabilities in wellbore simulation, and casing and tubular cost optimization, will be a major benefit to our customers," said Ken LeSuer, president and CEO of Halliburton Energy Services. "By integrating these capabilities, we can help oil and gas companies significantly reduce the cost of drilling and completing oil and gas wells."
With revenues of over $3 million in 1995,Enertechhas achieved an average annual growth rate of 17% since 1989. The company has employees at its Houston, Texas headquarters and in Aberdeen, Scotland.
Halliburton Energy Services, a Halliburton Company (NYSE:HAL) organization, is a leading supplier of products, services and integrated solutions to the energy industry on a global basis.
Contact
Brandon Lackey
Public Relations
(p) 713.624.3463
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