Halliburton Co. has announced plans to separately market its fixed cutter and roller cone drill bits, directional drilling and logging-while-drilling measurement-while-drilling businesses.
The final sale will not be completed until the Houston-based firm has reached what it called acceptable terms and conditions negotiated by the company, approval of Halliburton’s board of directors and final approvals of the Baker Hughes acquisition by competition authorities.
“Thanks to employees’ hard work, these businesses represent strong products and services in the oilfield services industry, and we believe the value inherent in these businesses will be recognized by prospective buyers,” said chairman and CEO Dave Lesar in a news release.
“Although we would prefer to retain these assets, we will be required to divest some of our overlapping businesses to obtain competition authorities’ approvals as anticipated when we announced the Halliburton-Baker Hughes transaction,” Lesar said.
Halliburton will operate as one company, including the businesses held for sale, until the sale of the aforementioned businesses is complete.
Halliburton expects to complete the sale of the businesses in the same timeframe as the closing of the pending Baker Hughes acquisition late in the second half of 2015.
Halliburton provides products and services to the energy industry. Its more than 75,000 employees serve the upstream oil and gas industry. More information is available at www.halliburton.com.