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Halliburton Awarded Fluids Contract Extension

Source: www.gulfoilandgas.com 7/15/2009, Location: Europe

Halliburton has been awarded a two-year contract extension by StatoilHydro to provide fluids systems for multiple fields, currently including cementing services for 20 rigs and drilling and completion fluids for 16 rigs on the Norwegian continental shelf. The contract extension, estimated by Halliburton to be valued at approximately US$450 million, is the second two-year option exercised by StatoilHydro. This contract encompasses solutions offerings across both of Halliburton's business segments, Completion and Production, and Drilling and Evaluation.

"We are extremely pleased to be awarded this contract extension," said Jorunn Saetre, Halliburton vice president, Scandinavia. "Through our continuing and close collaboration with StatoilHydro, we look forward to providing our integrated fluids services and working together to improve drilling and well performance."

The duration of the initial contract, awarded in 2006, was two years, with additional extension options of three two-year periods. The contract was among the largest cementing and drilling and completion fluid contracts awarded at the time. Halliburton will provide drilling fluids, drilling waste management, cementing services, completions fluids and pumping services under this contract extension.

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