Boots & Coots Signs 2-Year Hydraulic Workover & Safeguard Contract in Libya
Wednesday July 30, 4:30 pm ET
HOUSTON--(BUSINESS WIRE)--Boots & Coots International Well Control, Inc. (Amex:WEL - News) announced it has signed a multi-service contract with Libya’s Harouge Oil Operations Company. The new contract, valued at close to $15 million for a two year period, with optional one year extensions, provides for one hydraulic workover unit and a Safeguard prevention well control specialist for Harouge’s Amal field.
“In seeking economic efficiency in maintaining its field, Harouge has selected Boots & Coots’ snubbing services as a viable alternative to standard workover, along with our training and risk management services,” stated Jerry Winchester, president and chief executive officer. “We’re excited to work with Harouge and believe opportunities to extend and bundle our services under long-term contracts and provide similar programs to other oil-producing companies will continue.”
The hydraulic workover and prevention services provided under the contract give Harouge in-house first responder capabilities and will help the oil company achieve its field maintenance and production objectives.
Boots & Coots currently performs services under hydraulic workover/snubbing and/or Safeguard contracts in the North African neighboring countries, Algeria and Egypt, as well as in West Africa, the Middle-East, Venezuela, India, Oman and domestically in the US.
About Boots & Coots
Boots & Coots International Well Control, Inc., Houston, Texas, provides a suite of integrated pressure control services to onshore and offshore oil and gas exploration companies around the world. The Well Intervention segment consists of services that are designed to enhance production for oil and gas operators and reduce the number and severity of critical well events such as well fires, blowouts or other losses of control at the well. This segment includes services performed by hydraulic workover and snubbing units and the rental of pressure control tools that are used to enhance production at the wells. The scope of these services also includes prevention services such as training, contingency planning, well plan reviews, audits, inspection services and engineering services offered through our Safeguard risk management programs. The Response segment consists of personnel, equipment and services provided during an emergency response such as a critical well event or a hazardous material response.
Certain statements included in this news release are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Boots & Coots cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. More information about the risks and uncertainties relating to these forward-looking statements are found in Boots & Coots' SEC filings, which are available free of charge on the SEC's web site at www.sec.gov.
Contact:
Boots & Coots International Well Control, Inc.
Investor Contact:
Jennifer Tweeton, 281-931-8884
jtweeton@boots-coots.com
Source: Boots & Coots International Well Control, Inc.
