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Halliburton Purchases Minority Interest In PES
HOUSTON, Texas - Halliburton Energy Services and Petroleum Engineering Services (PES) announced today the purchase by Halliburton of a 26% ownership interest in PES. This development is a further strengthening of the alliance between the two organizations announced last September for the development and delivery of intelligent well completion systems. Sometimes called "smartwells," these new completions can help oil and gas companies reduce operating expenditures and enhance hydrocarbon recovery through improved reservoir management.
Zeke Zeringue, president of Halliburton Energy Services, said, "This investment by Halliburton helps assure alignment with PES in our cooperative effort to continue to bring leading-edge technologies to the emerging intelligent well market. We believe that smartwell technology will revolutionize well completions in the industry and we're pleased to be strengthening our relationship with PES to provide the preferred solution to our customers."
"This relationship also gives us the opportunity to integrate another component into Halliburton's broad completion product offerings," added Zeringue, "further strengthening our capabilities in this important area."
"This investment is a major step forward for the PES group," said Larry Kinch, chairman of PES. "It will provide the financial platform and access to the global infrastructure we need to expand our business worldwide." Kinch went on to say that, by integrating technologies and services, Halliburton and PES are positioned to offer "the world's premier solution for surface controlled reservoir monitoring and management of multilateral wells."
Headquartered in Aberdeen, Scotland, Petroleum Engineering Services is a leading provider of specialist well completions and intervention products, services and solutions. Since its founding in 1986, the company has grown its revenues to over 16 million British pounds and employs more than 230 people.
Halliburton Energy Services Inc., a Halliburton Company organization (NYSE: HAL), 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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