HOUSTON--(BUSINESS WIRE)--Dec. 23, 2016--
Halliburton Company (NYSE:HAL) announced today that it has made a filing
with the Federal Antimonopoly Service of Russia (FAS) in connection with
a potential acquisition of an interest in Novomet Oil Services Holding
Limited, an international artificial lift company focusing primarily on
electrical submersible pumps. Halliburton has held discussions with
various shareholders of Novomet regarding the potential acquisition,
including the possibility of acquiring up to 100% of the company.
Halliburton continues to seek opportunities to expand and enhance the
suite of technologies, products and services it offers its customers.
The Company believes Novomet’s products, when combined with its U.S.
platform, will help grow its artificial lift business in the U.S. and
abroad and help its customers achieve the lowest cost per barrel of oil
equivalent.
No agreement has been reached to date. However, Halliburton believes it
is beneficial to seek clarity from the FAS at this point in the
discussions. Any potential transaction would be subject to negotiation
of definitive documentation, ongoing due diligence, regulatory approvals
and other conditions. There is no assurance regarding the entry by
Halliburton into a transaction, or the consummation, timing or terms of
any transaction.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of
products and services to the energy industry. With approximately 50,000
employees, representing 140 nationalities and operations in
approximately 70 countries, the company serves the upstream oil and gas
industry throughout the lifecycle of the reservoir - from locating
hydrocarbons and managing geological data, to drilling and formation
evaluation, well construction and completion, and optimizing production
through the life of the field. Visit the company’s website at www.halliburton.com.
Connect with Halliburton on Facebook, Twitter, LinkedIn, and
YouTube.
NOTE: The statements in this press release that are not historical
statements, including statements regarding the proposed transaction and
regulatory approvals related thereto, are forward-looking statements
within the meaning of the federal securities laws. These statements are
subject to numerous risks and uncertainties, many of which are beyond
the company's control, which could cause actual results to differ
materially from the results expressed or implied by the statements.
These risks and uncertainties include, but are not limited to: whether
any transaction will be entered into or ultimately consummated, and any
terms with respect thereto; expectations regarding regulatory approval
and the risk that any regulatory approval that may be required for the
proposed transaction is not obtained or is obtained subject to
conditions that are not anticipated or acceptable; the results of
ongoing due diligence in connection with the proposed transaction; the
timing to consummate any proposed transaction; satisfaction of the
conditions to closing of the proposed transaction may not be satisfied
or that the closing of the proposed transaction otherwise does not
occur; the diversion of management time on transaction-related issues;
expected benefits from the proposed transaction and the ability of
Halliburton to realize such benefits; with respect to the Macondo well
incident, final court approval of, and the satisfaction of the
conditions in, Halliburton's September 2014 settlement, including the
results of any appeals of rulings in the multi- district litigation;
indemnification and insurance matters; with respect to repurchases of
Halliburton common stock, the continuation or suspension of the
repurchase program, the amount, the timing and the trading prices of
Halliburton common stock, and the availability and alternative uses of
cash; changes in the demand for or price of oil and/or natural gas can
be significantly impacted by weakness in the worldwide economy;
consequences of audits and investigations by domestic and foreign
government agencies and legislative bodies and related publicity and
potential adverse proceedings by such agencies; protection of
intellectual property rights and against cyber-attacks; compliance with
environmental laws; changes in government regulations and regulatory
requirements, particularly those related to offshore oil and natural gas
exploration, radioactive sources, explosives, chemicals, hydraulic
fracturing services, and climate-related initiatives; compliance with
laws related to income taxes and assumptions regarding the generation of
future taxable income; risks of international operations, including
risks relating to unsettled political conditions, war, the effects of
terrorism, foreign exchange rates and controls, international trade and
regulatory controls, and doing business with national oil companies;
weather-related issues, including the effects of hurricanes and tropical
storms; changes in capital spending by customers; delays or failures by
customers to make payments owed to us; execution of long-term,
fixed-price contracts; structural changes in the oil and natural gas
industry; maintaining a highly skilled workforce; availability and cost
of raw materials; and integration and success of acquired businesses and
operations of joint ventures. Halliburton's Form 10- K for the year
ended December 31, 2015, Form 10-Q for the quarter ended September 30,
2016, recent Current Reports on Form 8-K, and other Securities and
Exchange Commission filings discuss some of the important risk factors
identified that may affect Halliburton's business, results of
operations, and financial condition. Halliburton undertakes no
obligation to revise or update publicly any forward-looking statements
for any reason. Readers are cautioned not to place undue reliance on
these forward-looking statements that speak only as of the date hereof.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161223005228/en/
Source: Halliburton
Halliburton
For Investors:
Lance Loeffler,
281-871-2688
Halliburton, Investor Relations
Investors@Halliburton.com
or
For
Media:
Emily Mir, 281-871-2601
Halliburton, Public
Relations
PR@Halliburton.com
