Boots & Coots was a well control company. It was founded in 1978 by Asger "Boots" Hansen and Ed "Coots" Matthews,[1] veterans of the Red Adair Service and Marine Company. The two companies extinguished approximately one third of the more than 700 oil well fires set in Kuwait by retreating Iraqi soldiers in the Gulf War.[2][3] This work was featured in the 1992 film Lessons of Darkness.
In 1997, the company was purchased by International Well Control, the successor of the Red Adair Company.[3] The company worked with Halliburton in Iraq in the aftermath of the Iraq War. There were only nine fires to deal with, far fewer than the number from the previous war.[2] In spite of signing a two-year contract including renewal options with Halliburton in 2004 to continue operating in southern Iraq,[4] the company faced an uncertain future.
By the end of 2007, the company had increased revenues to $105.3 million by diversifying from emergency response services to well intervention services,[5] which now comprise the majority of the revenue they generate.
On April 9, 2010, it was announced that Halliburton would acquire Boots and Coots for $3 per share, valuing the deal at approximately $240 million. On April 12, 2010, Robbins Umeda LLC reported it had launched an investigation into "possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Boots & Coots, Inc."[6] with regard to the deal. The Halliburton acquisition was completed on September 17, 2010.[7]
References edit
- ^ "Boots & Coots founder Edward Matthews dead at 86". Houston Business Journal. 2010-04-01. Retrieved 2010-04-02.
- ^ a b J. Alex Tarquinio (March 30, 2003). "Investing; Fighting Oil Fires, and Creditors". The New York Times. Retrieved 2007-11-27.
- ^ a b "Halliburton - History". Archived from the original on 2013-02-01. Retrieved 2013-05-02.
- ^ "Boots & Coots to continue operations in Iraq". gulfoilandgas.com. February 2, 2004. Retrieved 2007-11-27.
- ^ "Boots and Coots Looking to Fire Up Profits". seekingalpha.com. April 15, 2008. Retrieved 2008-12-09.
- ^ "Robbins Umeda LLP Announces an Investigation of the Acquisition of Boots & Coots, Inc. by Halliburton Co". Reuters. April 12, 2010. Archived from the original on 2014-08-26. Retrieved 2010-04-12.
- ^ "RSS Content - Halliburton". ir.halliburton.com. Retrieved 2016-08-03.[permanent dead link]