Acquisition Resources

US energy firm Halliburton has agreed to acquire Scottish oil services company PSL Energy Services Limited for more than £100m.

Founded in 2003, PSLES is a leading eastern hemisphere provider of process, pipeline and well intervention services, including flange management and bolting, leak testing, pre-commissioning services, hydrotesting, hydraulic workover, coiled tubing, slickline and wireline, and pumping services. The company, headquartered in the UK, has approximately 1,000 employees and operational bases in the UK, Norway, Middle East, Azerbaijan, Algeria and Asia-Pacific locations. 

Halliburton, founded in 1919, is one of the world's largest providers of products and services to the energy industry. With more than 45,000 employees in nearly 70 countries, the company serves the upstream oil and gas industry throughout the life cycle 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. 

“Geographic growth in the Eastern Hemisphere and expanded proprietary service technologies are compelling reasons for this acquisition”, said David King, senior vice president of Halliburton’s Production Optimization division. “Bringing the two companies together will greatly improve our ability to help our customers meet their goals for production enhancement.”

Doug Duguid, PSLES Managing Director, said “PSLES brings a number of proprietary technologies relating to subsea pipeline and excavation operations. Additionally, PSLES has capabilities that will broaden Halliburton’s ability to deploy its chemical and tool technologies. This combination of businesses will provide greater opportunities for our employees and enhance value to our customers.”