CORRECTING and REPLACING Halliburton Purchases ITS Drilling Services' SUPAVAC Line; Deal complements existing alliance, expands solutions base
HOUSTON--(BUSINESS WIRE)--July 19, 2004--In BW5718 issued July 19, 2004: In the headline and first sentence of first graph "its Drilling Services" should read "ITS Drilling Services."
The corrected release reads:HALLIBURTON PURCHASES ITS DRILLING SERVICES' SUPAVAC LINE DEAL COMPLEMENTS EXISTING ALLIANCE, EXPANDS SOLUTIONS BASE
Halliburton (NYSE:HAL), announced today the acquisition of ITS Drilling Services Limited SUPAVAC business line. The addition of SUPAVAC reflects the commitment to offering a total drilling waste management solution. While expanding the product offering available through Halliburton's Baroid Product Service Line, the purchase complements the existing Baroid alliance with National Oilwell.
"By striving to expand its offering of drilling waste management solutions, Baroid is emphasizing its commitment to the industry," said Jim Renfroe, fluids division senior vice president, Halliburton's Energy Services Group. "The acquisition expands Baroid's capability in the rapidly growing drill cutting waste management market through Baroid's Surface Solutions(TM)."
The SUPAVAC technology is unique because it is the only cuttings transfer system that can move drill cuttings and other drilling wastes utilizing vacuum, lean phase and dense phase modes.
"The SUPAVAC system has global applications. Any area with environmental regulations for disposal of drill cuttings may be a candidate for the SUPAVAC system," said Simon Seaton, global operations manager, Baroid Surface Solutions(TM). "This acquisition is strategic for Halliburton as environmental regulations continue to tighten and demand for such solutions continues to increase."
The product has been field proven in the North Sea and Halliburton will focus on expanding the use of the SUPAVAC system into other markets.
Halliburton, founded in 1919, is one of the world's largest providers 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 and Engineering and Construction Groups. The company's World Wide Web site can be accessed at www.halliburton.com.
CONTACT: Halliburton, Public Relations, HoustonWendy Hall, 713-759-2605
wendy.hall@halliburton.com
SOURCE: Halliburton