Boots & Coots International Well Control, Inc (WEL)

[teomax]

great news on the way, $ 7.4 million :

the date is posted in euro format, not in US format. so its october.

Boots & Coots Cut Quoted Price to Plug Gas Seepage at Titas Field [ Print ]
Gas sector
EB Report , published 4/10/2007

Page [ 1 ]

The US-based gas field blowout prevention firm, Boots & Coots, the lone bidder for plugging gas seepage at Titas gas field in Brahmanbaria, has reduced its quoted price by US$ 3.3 million.

The company, which quoted $ 10.7 million in a tender to stop gas leakage in Titas gas field, will now do the job at $ 7.4 million.

The Boots & Coots that won the tender has lowered its quoted price as a gesture of goodwill, said a senior official of the Bangladesh Gas Fields Company Ltd (BGFCL).

The project is now awaiting approval by a committee, headed by the Bangladesh Bank (BB) governor.

Sources said the price quoted by the Boots & Coots is, however, three times higher than the cost the Petrobangla earlier negotiated with another US company - GSM - to stop Titas gas leakage.

The state-owned Petrobangla earlier negotiated with the GSM in May last to stop gas leakages of the Titas gas field at the cost of $3.74 million, which was turned down by the BB citing it as unsolicited.

Failing to convince the BB the urgency to plug the Titas gas seepage in line with the negotiation with the GSM, the BGFCL, owner of Titas gas field, floated tender in June last seeking proposals from the internationally reputed companies.

Five foreign companies -- including the GSM and another US firm BJ Services -- purchased bid documents from the BGFCL.

None other than the Boots & Coots submitted their proposals within the timeframe of August 5 last, which was extended by a week from its previous schedule.

The Boots & Coots is one of the world's largest firms involved in oil/gas well control across the globe.

It has experiences of drilling over 1,000 relief wells around the world, including those of Kuwait that were blown out during Iraq's invasion in Kuwait more than a decade ago.

BGFCL officials said gas has been leaking through the cracks and holes in the Titas gas field area for a couple of years, but the extent of seepage increased alarmingly recently.