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LANDMARK GRAPHICS ANNOUNCES AGREEMENT TO ACQUIRE MAJORITY INTEREST IN A NEW COMPANY - LMK RESOURCES
-Acquisition expands the reach of Landmark's technology management
solutions and services by incorporating the firm's technical consulting expertise-
DALLAS, Texas - Landmark Graphics Corporation, a wholly owned business unit of Halliburton Company (NYSE: HAL), today announced a definitive agreement to acquire majority ownership in LMK Resources Ltd., the parent company previously known as Mathtech Pakistan Ltd., a consulting and information technology company based in Islamabad, Pakistan. The acquisition expands the reach of Landmark's portfolio of technology management solutions and services by incorporating portions of the company's technical consulting expertise, in addition to their important distribution channels in Pakistan and the Middle East. The new company will have approximately 200 employees, based primarily in Islamabad and Dubai.
Because of the acquisition, Landmark Graphics will expand its distribution channels around the world and bring greater synergy between the professional services provided by Landmark Graphics and LMK Resources.
"Landmark sees tremendous growth in the demand for integrated technology and services in the part of the world now being served by LMK Resources. They have exceptional internal expertise and a very strong distribution channel for integrated services, not only in Pakistan, but also in the Middle East, North Africa and elsewhere," said John Gibson, president and CEO of Landmark Graphics. "By acquiring a majority interest in this new business, we can utilize their technical talent on Landmark projects in that area of the world, and at the same time, ensure the continued growth and focus of this important distribution and services channel."
"The demand for technical know-how in the upstream business is rapidly exceeding the supply throughout the E&P industry," said Peter Bernard, executive vice president of Operations for Landmark. "Increasingly, our customers are coming to us for a complete solution to help lower the cost of finding and lifting hydrocarbons. That means we need to provide not only excellent E&P software, but also superior performance consulting services. We have been very impressed with the quality of the service offering provided by Atif Khan and LMK Resources, and see a great opportunity to help them grow this new business to deliver even greater technical know-how in the future."
Atif Khan, the president and CEO of LMK Resources said, "Our relationship with Landmark Graphics has been mutually beneficial for both companies over the past five years. We believe that by joining with Landmark more closely, we can deliver an even wider range of technology, service and support solutions in designated market areas. We are extremely pleased to become a valued part of the Landmark family."
Landmark Graphics is the leading supplier of integrated E&P technical and economic software and services to support decision making about finding, drilling and producing oil and gas. Knowledge-based E&P companies now are turning to Landmark for technical-to- business (T2B™) process integration for improving returns on their investments. Visit the Landmark Web site at www.lgc.com.
Founded in 1919, Halliburton Company is the world's largest provider of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services Group and Engineering and Construction Group business segments. The company's Web site can be accessed at www.halliburton.com.
LMK Resources is a petroleum information technology company providing solutions and services to a variety of clients globally. Other than its core expertise in providing integrated data management solutions and E&P technical services using Landmark technologies, the company was one of the first specialized software development houses in Pakistan. LMK Resources has to its credit establishment and maintenance of a national E&P data repository for the Government of Pakistan, which is one of the top facilities in Asia. The company maintains its head-office in Islamabad, Pakistan and a branch office in Dubai, UAE.
Contact
Rod Hotz
Landmark Graphics Corporation
Tel 281.368.5766 (U.S.)
Fax 281.560.1586
rhotz@lgc.com
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