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Halliburton Company (NYSE:HAL) plans to ink a long-term strategic pact with Var Energi ASA (OTC:VARRY) for drilling services.
The planned relationship covers drilling services related to exploration and production drilling for Vår Energi across the Norwegian Continental Shelf.
The planned relationship lasts five years, with options for an additional four years.
"Halliburton has extensive experience and proven capabilities from operations in Norway over many years," Chairman, President, and CEO Jeff Miller said. "Halliburton's value proposition – to collaborate and engineer solutions to maximize asset values for our customers – fits perfectly with Vår Energi's ambitious growth plans."
The companies did not disclose the financial terms of the deal. By the end of the first quarter, Halliburton's cash flows provided by operating activities were $122 million. The company held cash and equivalents of $1.9 billion.
"Solid partnerships and collaboration across the entire value chain will enable operational excellence, supporting our plans for growth and value creation for all parties," Vår Energi CEO Torger Rød commented.
Price Action: HAL shares are trading higher by 0.90% to $32.44 in the premarket session on the last check Friday.
