Halliburton and Boots & Coots jointly announced today that Halliburton has entered into a definitive merger agreement to acquire all of the outstanding stock of Boots & Coots in a stock and cash transaction.
Marc Edwards, Halliburton’s Senior Vice President of Completion and Production, said, “Optimizing economic production levels in both mature assets and unconventional gas resources requires increasing levels of pressure control and well intervention. 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.”
Following completion of the 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. Boots & Coots’ management will be retained to lead Halliburton’s Boots & Coots product service line with operating results reported through Halliburton’s Completion and Production reporting segment. Halliburton expects the acquisition to be accretive in the first full year of operation.
“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,” said Jerry Winchester, Boots & Coots President and Chief Executive Officer. “Combining the resources of both companies creates the premier intervention company across the globe.”