Halliburton Co. (NYSE: HAL) filed with the Federal Antimonopoly Service of Russia (FAS) concerning the potential acquisition of an interest in Novomet Oil Services Holding Ltd., the company said Dec. 23.
Novomet is an international artificial lift company focused on electrical submersible pumps.
Halliburton could acquire 100% of Novomet, according to the press release. Halliburton said Novomet’s products, combined with Halliburton’s U.S. operations, would boost its global artificial lift business at lowest cost per barrel-equivalent of oil.
No agreement has been reached to date, the press release said, and any potential transaction requires regulatory approvals and other conditions including definitive documentation. There is no assurance Halliburton will enter a transaction.