HOUSTON, Feb. 20 /PRNewswire/ -- Boots & Coots International Well Control
(AMEX: WEL) said it has completed its acquisition of Code 3, Inc., an
emergency response service company headquartered in Harlingen, Texas.
Terms of the acquisition were not disclosed.
Code 3 provides control containment and mitigation of hazardous material
and oil spills for the chemical manufacturing and transportation industries,
as well as various state and federal agencies. The company also specializes
in the transfer of hazardous materials and high and low pressure liquids, and
industrial fire fighting.
"This acquisition is the latest step in our strategy to grow our emergency
response services," said Larry Ramming, chief executive officer of Boots &
Coots International Well Control, Inc. "Code 3 represents a natural expansion
of our current capabilities and furthers the expansion of our emergency
response services to the oil and gas and petrochemical industries."
Code 3 reported annual revenues of approximately $4.8 million for 1997.
Revenues have nearly doubled every year since the company's inception in 1993,
and Code 3 expects to build on its aggressive growth record, as part of Boots
& Coots International Well Control.
The founders of Code 3, Lee Thompson, president and chief executive
officer, and Timothy O'Brien, vice president, will continue in their current
positions.
Boots & Coots International Well Control, Inc., based in Houston, is a
global emergency response company that specializes, through its well control
unit, in responding to and controlling oil field emergencies, including oil
and gas well blowouts and well fires, as well as providing a complete menu of
non-critical well control services through our Well Control Alliance with
Halliburton. Through internal growth, strategic acquisitions and continued
alliance integration with Halliburton, Boots & Coots intends to continue to
expand its role as an integrated, full-service, emergency-response company
with the in-house ability to serve the worldwide needs of the oil and gas and
petrochemical industries.
SOURCE Boots & Coots International Well Control, Inc.
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CONTACT:
Thomas L. Easley, Chief Financial Officer of
Boots & Coots International Well Control, 713-621-7911
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