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Halliburton becomes minority shareholder of Fiber Spar and Tube Corp.
HOUSTON, Texas - Halliburton, a worldwide leader in the oil service industry, today announced that it has entered into an agreement to become a minority share holder of the Fiber Spar and Tube Corporation, a Massachusetts company engaged in the development and manufacture of advanced composite products.
Halliburton and Fiberspar have an existing agreement to commercialize Fiberspar Spoolable Pipe™, a continuous composite coiled tubing system. The products resulting from this joint effort are currently undergoing field testing and it is expected they will be commercially available in 1998. Halliburton will enter into an additional joint development agreement with Fiberspar to develop other products and capabilities for the oil industry. Under the terms of this agreement, Halliburton will become the exclusive supplier of these products for an extended period.
Zeke Zeringue, president of Halliburton Energy Services said, "Continuous composite tubing is an innovative product which has the potential to impact our industry. Through our current alliance, we have become convinced that Fiberspar is a leader in this important area of technology with a strong intellectual property position and manufacturing infrastructure, and we are pleased to be able to increase our level of involvement with this company."
Peter Quigley, president of Fiberspar said, "The relationship between Halliburton and Fiberspar will allow us to leverage Fiberspar's core technology competence in the high performance design and manufacture of advanced composite materials to create new value-added services which Halliburton can deliver on a worldwide basis. Through our joint efforts, the enabling benefits of Fiberspar Spoolable Pipe's light weight, high strength, and resistance to hostile chemical environments will be commercially realized."
Mike Feechan, Product Manager for Composite Applications at Halliburton said, "Fiberspar's advanced composite materials do not suffer from the bending fatigue problems associated with steel coiled tubing and when combined with light weight, will allow us to exploit larger diameter CT for operations such as well intervention and CT drilling. Excellent resistance to corrosion also makes advanced composites a viable alternative to high chrome or titanium completion tubulars in hostile environments."
Contact
Cindy Viktorin
(p) 713.676.7125
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