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Message: New Contract Worth $58 Million

New Contract Worth $58 Million

posted on Jan 15, 2009 11:42AM

Boots & Coots Expands Safeguard Services in Africa Through a New Contract Worth $58 Million

2009-01-13 07:03 ET - News Release

HOUSTON -- (Business Wire)

Boots & Coots International Well Control, Inc. (NYSE Alternext US: WEL) announced it has renewed one of its Safeguard contracts in Africa, substantially expanding the scope of the company’s existing prevention services for a three year term, with an optional two year extension period.

The contract, which initiates this quarter, is valued at $58 million and includes $23 million in new Safeguard services.

“The prevention business has been our fastest growing segment over the last several years, and we believe part of that reason is because our customers recognize the value we bring through safer and more productive operations,” stated Jerry Winchester, president and chief executive officer. “We believe that this contract clearly demonstrates the opportunities that exist in emerging markets for our Safeguard services.”

The majority of the services provided under the contract include training, rig audits, risk assessments, on-site competency programs and related prevention services, with minor provisions for third party services.

About Boots & Coots

Boots & Coots International Well Control, Inc., Houston, Texas, provides a suite of integrated pressure control services to onshore and offshore oil and gas exploration companies around the world. The Well Intervention segment consists of services that are designed to enhance production for oil and gas operators and reduce the number and severity of critical well events such as well fires, blowouts or other losses of control at the well. This segment includes services performed by hydraulic workover and snubbing units and the rental of pressure control tools that are used to enhance production at the wells. The scope of these services also includes prevention services such as training, contingency planning, well plan reviews, audits, inspection services and engineering services offered through our Safeguard risk management programs. The Response segment consists of personnel, equipment and services provided during an emergency response such as a critical well event or a hazardous material response.

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 are found in Boots & Coots' SEC filings, which are available free of charge on the SEC's web site at www.sec.gov.



Contacts:

Boots & Coots International Well Control, Inc.
Investor Contact:
Jennifer Tweeton, 281-931-8884
[email protected]



Source: Boots & Coots International Well Control, Inc.

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