 The company was founded in Panama City, Florida in 1983 as a supplier of equipment to offshore developers.Wellstream was acquired by Dresser Industries in 1995 and subsequently became part of Halliburton when it merged with Dresser in 1998.Halliburton sold off Wellstream to a Candover-led consortium for $136 million in 2003, which in turn listed the firm on the London Stock Exchange in April 2007.