HOUSTON -- Halliburton and Boots & Coots have entered into a definitive merger agreement, whereby Halliburton will acquire all of the outstanding stock of Boots & Coots in a stock and cash transaction.
A new product service line within Halliburton will be created to include Halliburton’s existing coiled tubing and hydraulic workover operations and Boots & Coots’ intervention services and pressure control business.
“Optimizing economic production levels in both mature assets and unconventional gas resources requires increasing levels of pressure control and well intervention,” says Marc Edwards, Halliburton’s senior VP of Completion and Production.
“The combination of Halliburton’s global hydraulic workover and coiled tubing deployed technologies, together with Boots & Coots’ well intervention and pressure control services will help us improve full life cycle returns for our customers. This is a natural addition to Halliburton’s extensive completion and production enhancement portfolio, further enabling integrated project workflows with improved reservoir recoveries.”
“Halliburton’s legacy of innovation coupled with its integrated service capability complement Boots & Coots’ focus on delivering a complete portfolio of pressure control and well intervention services,” adds Jerry Winchester, Boots & Coots president and CEO. “Combining the resources of both companies creates the premier intervention company across the globe.”
The transaction is expected to close this summer.