Halliburton announced today that it has closed the previously announced acquisition of the...
HOUSTON - Halliburton (NYSE: HAL) announced today that it has closed the
previously announced acquisition of the 49 percent equity of Shell
Technology Ventures Fund 1 B.V. in WellDynamics B.V. With this transaction
complete, Halliburton owns 100 percent of WellDynamics.
David King, president of Halliburton's Completion and Production Division
stated: "Combining WellDynamics' leading market and technology position with
Halliburton's robust well completions and reservoir monitoring portfolio
provides us significant competitive advantage in delivering increased
reservoir productivity and maximized ultimate recovery to our clients."
Founded in 2001, WellDynamics is the world's leading provider of intelligent
well completion technology. WellDynamics has an extensive track record of
delivering reliable products, understanding the unique demands of customer
applications, and developing innovative, fit-for-purpose solutions.
WellDynamics' award-winning SmartWell® technology has been successfully
deployed in over 300 wells worldwide. Its product offering consists of a
comprehensive suite of intelligent completion equipment and services,
including downhole flow control devices, downhole permanent monitoring
equipment, fiber optic sensors, and surface data acquisition and automated
Founded in 1919, Halliburton is one of the world's largest providers of
products and services to the energy industry. With more than 50,000
employees 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 Web site at
Shell Technology Ventures Fund 1 B.V. (the "Fund"), managed by Kenda Capital
B.V. ("Kenda"), is a unique large scale investment fund focused at reducing
the cost of energy by accelerating the development and deployment of new
technologies. Kenda and the Fund have a solid energy sector expertise,
fostered through a unique technology relationship with the Shell Group.
Major investors in the Fund are the Royal Dutch Shell Group, Coller Capital
and the Abu Dhabi Investment Authority.