Norway's Petroleum Geo-Services (PGS) ASA said Tuesday it has signed a "definitive" deal to sell its global Petrobank data management business and related software to Halliburton Co. and its business unit Landmark Graphics Corp. for $179 million.
PGS also will enter a strategic data management and distribution alliance agreement�subject to "various regulatory, board and other approvals, and the finalization of certain ancillary agreements"�with Halliburton, through Landmark.
"This business alliance will allow additional outlets for PGS to deliver its technology, services and information to the market place through the established network already functioning at Halliburton via Landmark," said Reidar Michaelsen, the CEO of PGS. "Petrobank has proven to be one of the best electronic data storage and distribution systems in the industry and will be an excellent tool for Halliburton in the market for online realtime information management in the oilfield business."
Michaelsen said the sale was another step in his company's program to sell noncore assets. Last month PGS sold its shares in Spinnaker Exploration Co. for $150 million.