Halliburton Announces Regulatory Filing in Connection with Potential Acquisition
24 December 2016 - 10:00AM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161223005228/en/
HalliburtonFor Investors:Lance Loeffler,
281-871-2688Halliburton, Investor
RelationsInvestors@Halliburton.comorFor Media:Emily Mir,
281-871-2601Halliburton, Public RelationsPR@Halliburton.com
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