Boots & Coots
Encyclopedia
Boots & Coots/IWC is one of the world's premier well control companies. Founded in 1978 by Red Adair
's lieutenants, Asger "Boots" Hansen and the late Ed "Coots" Matthews, Boots & Coots International Well Control, Inc. was responsible for putting out about one third of the more than 700 oil well fire
s set in Kuwait
by retreating Iraqi soldiers in the Gulf War
.
In 1997, the company was purchased by International Well Control. The company worked with Halliburton
in Iraq
in the aftermath of the Iraq War; however, there were only nine fires to deal with, a far cry from the number from the previous war. In spite of signing a two-year contract including renewal options with Halliburton in 2004 to continue operating in southern Iraq, the company faced an uncertain future.
By the end of 2007, the company had driven their revenues up to $105.3 million by diversifying from emergency response services to well intervention
services. Well intervention services 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, Robbins Umeda LLC reported it has launched an investigation into "possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Boots & Coots, Inc." with regard to the deal.
Red Adair
Paul Neal "Red" Adair was an American oil well firefighter. He became world notable as an innovator in the highly specialized and extremely hazardous profession of extinguishing and capping blazing, erupting oil well blowouts, both land-based and offshore.-Life and career:Adair was born in...
's lieutenants, Asger "Boots" Hansen and the late Ed "Coots" Matthews, Boots & Coots International Well Control, Inc. was responsible for putting out about one third of the more than 700 oil well fire
Oil well fire
Oil well fires is the common term for oil or gas wells that have caught on fire and burn. Oil well fires can be the result of human actions, such as accidents or arson, or natural events, such as lightning...
s set in Kuwait
Kuwait
The State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...
by retreating Iraqi soldiers in the Gulf War
Gulf War
The Persian Gulf War , commonly referred to as simply the Gulf War, was a war waged by a U.N.-authorized coalition force from 34 nations led by the United States, against Iraq in response to Iraq's invasion and annexation of Kuwait.The war is also known under other names, such as the First Gulf...
.
In 1997, the company was purchased by International Well Control. The company worked with Halliburton
Halliburton
Halliburton is the world's second largest oilfield services corporation with operations in more than 70 countries. It has hundreds of subsidiaries, affiliates, branches, brands and divisions worldwide and employs over 50,000 people....
in Iraq
Iraq
Iraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
in the aftermath of the Iraq War; however, there were only nine fires to deal with, a far cry from the number from the previous war. In spite of signing a two-year contract including renewal options with Halliburton in 2004 to continue operating in southern Iraq, the company faced an uncertain future.
By the end of 2007, the company had driven their revenues up to $105.3 million by diversifying from emergency response services to well intervention
Well intervention
A well intervention, or 'well work', is any operation carried out on an oil or gas well during, or at the end of its productive life, that alters the state of the well and or well geometry, provides well diagnostics or manages the production of the well....
services. Well intervention services 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, Robbins Umeda LLC reported it has launched an investigation into "possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Boots & Coots, Inc." with regard to the deal.