Halliburton in £20million swoop to buy energy firm

By Ryan Crighton

Published: 19/12/2013

A small Aberdeen energy firm has been bought by a US oil service giant in a deal believed to be worth up to £20million. Energy Ventures – a venture capital firm dedicated to funding energy companies – has completed the sale of Intelligent Well Controls (IWC) to Halliburton, marking the firm’s 13th exit.

The company first invested in IWC in January 2012 as part of its fourth fund.

Headquartered in Aberdeen, IWC designs, develops and manufactures real-time surveying equipment based on measurement-while-drilling (MWD) technology for the oil and gas industry.

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