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HALLIBURTON AND GEOMECHANICS INTERNATIONAL
ANNOUNCE STRATEGIC PARTNERSHIP
DALLAS, Texas - Halliburton Energy Services (HES), a business unit of Halliburton Company (NYSE: HAL) today announced that it has entered into a strategic partnership with GeoMechanics International, Inc. (GMI). The partnership brings together Halliburton's global leadership in Logging While Drilling (LWD) and directional drilling services and GMI's leadership in providing wellbore stability software and consulting services to the worldwide energy industry.
Through the partnership, HES obtains exclusive rights to integrate GMI's core technologies into their product lines. In addition, HES and GMI will work together to expand and develop new products and channels, which will take advantage of existing GMI technologies and software products.
"More of today's exploration and development projects are drilled in increasingly challenging formations," said Jody Powers, president, Halliburton Energy Services. "It is estimated that wellbore stability problems cost upwards of $6 billion annually during drilling operations alone. The ability to understand and predict the wellbore geomechanics of these wells will significantly alter the economics of drilling and development. By working with GMI, we can take our technologies to new levels and significantly reduce the cost of unstable boreholes for our customers."
The partnership aligns GMI and HES with ongoing initiatives within major E&P companies to advance understanding of wellbore stability problems. "Combining Halliburton's worldwide market presence, technology, and equipment with our own expertise in wellbore stability software development and consulting services enables both companies to provide a more multidisciplinary approach to well planning and reservoir development," stated Dr. Colleen Barton, GMI's president and co-founder.
"GMI has worked with its oil and gas industry clients to successfully solve the most difficult drilling, well-planning, and production challenges the industry faces, including deepwater drilling in the Gulf of Mexico and West Africa," stated Barton. "Our partnership with HES will enable more rapid, accurate, and informed decisions at the rig site, providing tremendous cost savings to the client."
About GMI
Based in Palo Alto, California, GeoMechanics International, Inc. is a leading supplier of software, consulting, and training services to the oil and gas, geothermal, and geotechnical industries. GMI was founded in 1996 by a team from Stanford University's Department of Geophysics. Their core group of geoscientists and engineers are specialists in in-situ stress analysis, wellbore stability, wellbore image analysis, and drilling engineering. GMI's technologies have been proven in drilling environments around the world by more than 30 of the largest international E&P companies. GMI is a privately held corporation with offices in California, Texas, Australia, and Europe. The company's website can be accessed at http://www.geomi.com.
About Halliburton
Halliburton Energy Services provides products, services, and integrated solutions for oil and gas exploration, development, and production. Capabilities range from initial evaluation of producing formations to drilling, completion, production enhancement, and well maintenance - for a single well or an entire field. With more than 300 service centers in more than 90 countries, Halliburton possesses the global perspective that is increasingly important for energy exploration and production.
Founded in 1919, Halliburton Company is the world's leading diversified energy services, engineering, energy equipment, construction, and maintenance company. In 1999, Halliburton's consolidated revenues were $14.9 billion and it conducted business with a workforce of approximately 100,000 in more than 120 countries. The company's website can be accessed at http://www.halliburton.com.
Contact
Zelma Branch
Halliburton Company
(p) 713.676.4371
zelma.branch@halliburton.com
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