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AGRA And Brown & Root Energy Services Extend Joint Venture For Offshore Oil & Gas Work
OAKVILLE, ONTARIO (Nov. 6, 1998) - AGRA Inc. (TSE & MSE: AGR) and Halliburton Company (NYSE: HAL) today announced that their respective business units AGRA Monenco Atlantic and Brown & Root Energy Services have extended their successful, long term working relationship into a new 50/50 joint venture.
The new joint venture, called AGRA-Brown & Root, will provide engineering, project management, construction management, procurement and other services for offshore Canadian oil and gas projects and for selected international projects. Brown & Root Energy Services and AGRA Monenco Atlantic have worked together on the Hibernia, Terra Nova and Sable Offshore Energy projects, providing a solid working relationship to launch the AGRA - Brown & Root joint venture. Max Ruelokke has been appointed General Manager of AGRA-Brown & Root.
"This new joint venture brings together the very best experience, technical expertise and the most innovative approaches to offshore oil & gas development," said Alex Taylor, President & CEO, AGRA Inc. "We see a very robust future for offshore oil & gas development and through AGRA-Brown & Root, we will continue to provide our customers with the most creative and cost effective solutions to their business challenges."
"This announcement underlines our commitment to the offshore industry in Canada," said Larry Farmer, president, Brown & Root Energy Services. "This joint venture provides an enormous opportunity for both companies to contribute to the Canadian oil and gas market by combining expertise to serve customers better."
AGRA-Brown & Root plans to work with local companies to help provide the best skills, technologies and services to clients. In this regard, the joint venture has formed a strategic arrangement with ConPro Group Ltd., a Canadian company based in Atlantic Canada.
AGRA Monenco Atlantic is a wholly owned subsidiary of AGRA Inc, one of Canada's largest international engineering, construction, environment and technology corporations. AGRA employs 5,000 people and operates 160 offices in 20 countries worldwide. AGRA's stock is traded on the Toronto and Montreal stock exchanges under the trading symbol AGR. The company's World Wide Web site can be accessed at www.agra.com.
Brown & Root Energy Services supplies engineering and construction services to the upstream oil and gas industry worldwide. Its primary role is the engineering, project management, construction, and operation of the facilities that are needed for the production and transportation of oil and gas. Brown & Root Energy Services is a business unit of Halliburton Company, headquartered in Dallas, Texas.
Halliburton Company is the world's leading diversified energy services, engineering, energy equipment, maintenance and construction companies. Founded in 1919, Halliburton provides a broad range of energy services and products, industrial and marine engineering and construction services. The company is currently executing business in more than 120 countries and has approximately 100,000 employees. For its 1997 fiscal year, Halliburton Company reported total revenues of $8.8 billion.
Contact
Wendy Hall-Nantz
Halliburton Company
Public Relations
(p) 713.676.5227
David Paterson
david.paterson@agra.com
AGRA Inc.
Vice President
Corporate Affairs
(p) 905.829.4402
(f) 905.829.4407
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