HSE boots up for joint venture
US well control specialist Boots & Coots and Canada’s HSE Integrated have
agreed to form a joint venture to provide oilfield safety services
throughout the US.
Calgary-based HSE said in a statement that it expected the new company, Boots
& Cotts HSE Services, to be operating in some markets in the central and
western US by later this year.
HSE will operate the joint venture, with representatives of both companies
sitting on its board. HSE’s vice president of emergency response and
business development, Jarvis Jackson, will become president of the new
company.
Boots & Coots HSE Services will initially provide fire protection and worker
decontamination services during well stimulation operations, HSE said. It
said it would relocate specialised proprietary equipment to US markets to
provide these services.
The company will expand its products and services offerings and its operating
areas depending on customer demand, HSE said.
Boots & Coots and HSE already have a co-operation agreement in Canada, where
HSE provides well control equipment and response services on behalf of Texas
based Boots & Coots.
"HSE has always regarded the continental US as a logical market in which to
expand our oilfield safety services division, but when moving into a new
country you want the right people and the right partners in the right
places," said HSE chief executive David Yager.
“Our relationship with Boots & Coots has proven to be good in the past and we
think as partners, we'll be able to develop an oilfield safety services
company that will be credible with our clients and valuable to our
shareholders," he said in the statement.
Houston-based Boots & Coots said earlier this week its first quarter profits
jumped to $5.1 million, or seven cents per diluted share, from $500,000, or
one cent per diluted share, in the same quarter in 2007..
The company said revenues doubled to $45 million from $22.3 million
previously, boosted by two international well intervention contracts.
08 May 2008 02:39 GMT
| last updated:
08 May 2008 02:39 GMT
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