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Halliburton intends to acquire Russia’s Novomet

Halliburton announced on December 23, 2016, 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.

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.

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