Halliburton acquires oilfield equipment supplier Summit ESP

Halliburton has completed the acquisition of US-based electric submersible pump (ESP) technology and services provider Summit ESP.

The company intends to enhance its artificial lift portfolio offerings through the acquisition, which provides access to Summit’s artificial lift offerings.

Financial details of the deal were not disclosed.

Halliburton president and CEO Jeff Miller said: “The acquisition of Summit expands Halliburton’s existing artificial lift capabilities and increases our overall leading position in North America oilfield services.”

“Summit’s unrivalled service quality, proven technology and US market leadership make it a perfect fit for Halliburton.

“This accretive transaction accelerates our strategy to deliver leading returns to our shareholders and maximise asset value for our customers.”

Operating in 30 locations across North America, Summit engineers, manufactures, and services electric submersible and surface pumping systems.

Summit ESP president and CEO John Kenner said: “The combination of Halliburton and Summit creates exciting opportunities for both our customers and employees.

“We look forward to capitalising on Halliburton's deep customer relationships and international presence to accelerate our growth.”

"The combination of Halliburton and Summit creates exciting opportunities for both our customers and employees."

Summit provides systems which are designed to enhance daily well production and total reservoir recovery.

Through its products and services, the company caters to its clients’ needs, including application engineering and equipment design, reliability engineering, equipment service and installation, equipment testing and repair, well testing, mobile test trailers, as well as cable spooling and repair.

Established in 1919, Halliburton provides technical products and services for petroleum and natural gas exploration and production and operates in 70 countries.

The company renders its services throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data to drilling and formation evaluation, well construction, completion and production optimisation.

Image: Halliburton headquarters (North Belt Campus) in north Houston. Photo: courtesy of 0x0077BE/Wikipedia.