SOCAR-AQS and Halliburton Enter Into Agreement to Provide Broad Suite of Oilfield Products and Services in Azerbaijan

• J V will be based in Baku, Azerbaijan
• Operations expected to begin in 2Q 2020

BAKU, Azerbaijan--(BUSINESS WIRE)--SOCAR-AQS and Halliburton Company (NYSE: HAL) today announced the companies have signed a Memorandum of Understanding (MOU) to form a new joint venture to provide a broad suite of oilfield products and services in Azerbaijan.

“Combining our unrivalled knowledge, experience and infrastructure in Azerbaijan with Halliburton’s strength as a global leader in oilfield services, creates a strategic platform for our businesses to work together and grow operations in Azerbaijan,” said Ramin Isayev, CEO of SOCAR-AQS.

“By aligning with SOCAR-AQS, we believe the planned joint venture will be uniquely positioned to bring world-class offerings to meet the region’s growing demands in oilfield products and services,” said Ahmed Kenawi, senior vice president of the Halliburton Europe, Eurasia & Sub-Saharan Africa Region. “Additionally, our collaboration supports the country’s strategy of localizing high-end technological services.”

The joint venture will be based in Baku, Azerbaijan, and will focus its business development and operations both on onshore and offshore Azerbaijan.

AQS and Halliburton expect to finalize the joint venture and begin operations in the second quarter of 2020 subject to the agreement and finalization of terms and conditions.

ABOUT SOCAR-AQS

SOCAR AQS LLC was established as an integrated drilling and well services management company between the State Oil Company of Azerbaijan Republic and Absheron Drilling Company in 2007. The main scope of activities of the company is provision of work and services related to drilling of oil and gas wells. The company also provides industry specific supply chain management, warehouse management and other related services.

Currently, SOCAR AQS executes oil and gas drilling with 6 rigs on 5 platforms in 4 offshore oil and gas fields in the Caspian, including Shallow Water Gunashli, West Absheron and Bulla- Deniz.

The company successfully implements drilling works in Turkey in the frame of Expansion of Tuz Golu underground gas storage project. SOCAR AQS has also been awarded contracts in Ukraine and Bangladesh.

The company is the first and the only company in the region to have the API Spec Q2 Certificate. The company has 1200 employees, the majority of which are Azerbaijani citizens.

SOCAR AQS is in NEQSOL Holding and its shareholders are SOCAR and Nobel Oil Services.

ABOUT HALLIBURTON

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 55,000 employees, representing 140 nationalities in more than 80 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.