Halliburton eyes Russian firm buy

Equipment

Halliburton, one of the world’s largest oilfield services providers, has made a move to buy a Russian manufacturer of oilfield solutions. 

The company on Friday 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, an international artificial lift company focusing primarily on electrical submersible pumps.

Halliburton added it 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,” Halliburton explained.

No agreement has been reached to date. However, Halliburton said it 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, the oilfield services provider concluded.

Earlier this year, Halliburton’s proposed merger with another U.S. oilfield services provider, Baker Hughes, fell through after several antitrust problems.