Leading oilfield service provider Halliburton Company (HAL - Free Report) recently opened its newly built Completion Technology and Manufacturing Center in Singapore. This expansion will help Halliburton in delivering high-quality products to a wide range of customers in the Eastern Hemisphere.
The completion technology of Halliburton provides the design, selection and provision of equipment and services to optimize well production. As a result, it facilitates customers to complete their wells economically.
The newly constructed facility is spread across 43 acres in Jurong Industrial Park. It includes more than 500,000 square feet of manufacturing and administrative space. Technology laboratories and test facilities are also present in the center, which houses complex processes such as high-alloy material precision machining, electrode discharge machines, small deep-hole gun drilling and fully automated high-pressure testing.
The second development phase is underway. This phase comprises the construction of technology administration building, workshops, deep-well simulators and high-pressure/high-temperature testing facilities. It also includes the completion of a deep horizontal well which will enable all aspects of engineering testing and simulated systems integration testing.
With the success of the current manufacturing facility in Singapore, Halliburton is on an expansion path. It looks forward to more such opportunities to gain a significant market share internationally. We believe such accomplishments will garner profits for Halliburton in the upcoming quarters.
Halliburton carries a Zacks Rank #3 (Hold), implying that it is expected to perform in line with the broader U.S. equity market over the next one to three months.
Meanwhile, there are other oilfield service providers that offer value and are worth buying now. These include China Oilfield Services Limited (CHOLY - Free Report) , RPC Inc. (RES - Free Report) and Dawson Geophysical Company (DWSN - Free Report) . All these companies sport a Zacks Rank #1 (Strong Buy).