Jan. 6, 2010 (Business Wire) -- Boots & Coots, Inc. (NYSE: WEL), announced it has been awarded a new secure and salvage project under its Safeguard contract with the Oil and Natural Gas Corporation of India (ONGC). The operation consists of recovering a subsea blowout preventer (BOP) stack in approximately 740 feet of water under 6000 psi of pressure.
“We are very excited to work with ONGC again after our successful secure and salvage operation last year,” said Jerry Winchester, president and chief executive officer of Boots & Coots. “We appreciate the trust ONGC has shown by awarding us this opportunity and we look forward to continuing to solidify a long relationship as we work together on this and other projects.”
Boots & Coots plans to mobilize for this project around mid-January with approximately 55 days to reach the job location, giving the project a projected start date of March.
In 2008 Boots & Coots completed a similar secure and salvage project for ONGC. The five-year Safeguard contract under which these projects have been awarded is for training, inspection and blowout control for ONGC’s 28 offshore rigs and 94 land rigs. The contract also allows Boots & Coots to work on special projects for ONGC, both in and outside India.
About Boots & Coots
Boots & Coots, Inc., with its headquarters in Houston, Texas, provides a suite of integrated pressure control services to onshore and offshore oil and gas exploration companies around the world. Boots & Coots’ products and services include well intervention services designed to enhance production for oil and gas operators. These services consist primarily of hydraulic workover and snubbing services. Boots & Coots’ equipment services segment provides high pressure, high temperature rental tools. The company’s pressure control services are designed to reduce the number and severity of critical events such as oil and gas well fires, blowouts or other incidences due to loss of control at the well. This segment consists primarily of the company’s Safeguard prevention and emergency response services. Additional information can be found at www.boots-coots.com.
Certain statements included in this news release are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Boots & Coots cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. More information about the risks and uncertainties relating to these forward-looking statements is found in Boots & Coots' SEC filings, which are available free of charge on the SEC's web site at www.sec.gov.
