Halliburton acquires Petris Technology

Friday, August 03, 2012

Oil and gas service company Halliburton has acquired oil and gas software company Petris Technology Inc.

The price of the transaction was not disclosed.

Petris' revenues were $21.6m in 2010 and $19.6m in 2009, and the company had 135 employees in Feb 2011, according to a Feb 2011 Houston Business Journal article, the most recent data available.

Revenues were $18.8m in 2008, $8.3m in 2005, and it had 147 employees in 2009, according to data released in Inc magazine's 2010 "Inc 500" survey.

Halliburton will put Petris inside the Landmark Software and Services business line.

The acquisition comprises all of Petris' integrated solutions, including the PetrisWINDS products, such as Recall Applications, Recall Data Management, DataVera, Enterprise, DrillNET, and Operations Management Suite.

All of the software will be available to Halliburton's clients as a part of the DecisionSpace portfolio.

"The acquisition positions Halliburton with a unique capability within the upstream oil and gas industry," Halliburton said.

"Halliburton can now deliver to its customers unrivalled access to their reservoir and well technical data, empowering its customers' decision-making processes by providing them with mission-critical data, where and when they need it."

"By capturing all their scientific data within one environment, we are empowering our customers to make safer, faster and more accurate operational and economic decisions about their reservoirs,' said Gene Minnich, vice president of Landmark Software and Services.

It is not clear what access to reservoir data is available to Halliburton customers now, which was not available previously, via Landmark's suite of software applications.