Halliburton Company (NYSE: HAL) today announced it will separately market for sale the company’s Fixed Cutter and Roller Cone Drill Bits, Directional Drilling and Logging-While-Drilling (LWD)/Measurement-While-Drilling (MWD) businesses.
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Take the money and run!
Take the money and run!
"Sperry Drilling & DBS to be sold as one unit, with $75 million dollars alocated to R&D".
- the orical
Finally Good News! One step closer to the end of the drama.
Hopefully the buyer is smart and gets everything, support, developers, technology, sales, sensor physics etc. buying just assets would be a disaster for all involved. I even doubt it would be approved, since the mandate is to have a viable competitor as a result of divesting.
Sperry employees that make it will get sent to the new company that buys Sperry. Their days at Halliburton are probably over.
Will Speery employees not already laid-off be kept and transitioned to the new Halliburton-Baker Hughes company? A friend is hoping he'll be moved across town to start working motors at the Baker Hughes location. I also hope he's kept and allowed to continue working.
Say it ain't so Joe, say it ain't so.
I think somebody is going to need an Orange Whip.
Whiners!
This is really going to negatively impact that whole Wimbledon challenge thing that dude has going on.
What will happen to the formation tester product lines? Thought we were better than Bakers! What's going on here, very worried.
These are exciting times with tremendous opportunity.
http://www.marinelink.com/news/article/halliburton-divests-pathfinder-lwd-business/303827.aspx
In the past they sold Pathfinder as a whole and kept Sperry.
Only thoughts I have is to keep their Survey QC algorithms which is needed for far north. Or keep their Boots and Coots kill well (ranging, Vector Magnetics) technology which is run out of Sperry, or an existing directional company doesn't want their motors and just their tools. Or they wanna keep the EM telemetry system, (I don't think Inteq has.) Or their high temperature tools. But seriously, a buyer wants the whole infrastrure. sales, operation and support.
In this case, Sperry as a whole is worth more than the sum of its parts.
I don't think a buyer would buy them without the whole infrastructure of the company, if not almost the whole infrastructure.
Also, the sale is meant to be short term gains on the quarterly report, not a long term goal to eliminate the competition. Because, CEOs bonus is not based on long term.
thats the point. It makes no sense to sell it in parts or separate entities. However, if ur trying to stregthen ur hold on the industry & eliminate ur competition, it makes perfect sense! A shady yet prudent move on big reds part. If anyone wants to buy it as a package (if dave even allows it), they'll pay top dollar!!
You can't sell Sperry in parts. Who would buy it in parts?
When Halliburton bought Sperry, it took 2 years before anyone even had a Halliburton coveralls.
This sux but shouldn't surprise anyone. Been talked about for a month now.
"Through your hard work, our Directional Drilling and LWD/MWD businesses represent strong products and services in the oilfield services industry. The employees of these businesses are on the on the cusp of a fresh, EXCITING OPPORTUNITY WITH A NEW ORGANIZATION" ....In other words ... "good riddens" ... so I'm quitting in the morning.... eff them!
sounds like Sperry is no more. will be sold for parts to the highest bidder? Wow...
Next will be Baker cement.
http://www.businesswire.com/news/home/20150407006567/en/Halliburton-Separately-Market-Sale-Drill-Bits-Directional#.VSRBtPnF8U0