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HALLIBURTON KBR TO EVALUATE SUBIC BAY CAPABILITIES
ARLINGTON, Virginia - Halliburton KBR has signed an Agreement with the Philippines' Subic Bay Metropolitan Authority (SBMA) for exploration and evaluation of a potential opportunity to redevelop the former U.S. Navy Ship Repair Facility at Subic Bay. Halliburton KBR is the engineering and construction segment of Halliburton (NYSE: HAL).
Following the signing of the Agreement at the Willard Hotel in Washington DC, in the presence of Her Excellency Gloria Macapagal-Arroyo, President of the Republic of the Philippines, Halliburton KBR and SBMA will cooperate in an attempt to commercialize the former Navy facility.
Potentially, with a diverse portfolio of maritime logistics and maintenance work, the operation could deliver up to 4,000 jobs for skilled Filipino tradespeople and open up numerous second tier business opportunities for Philippine business owners. This will require good faith effort by both the company and the Philippine Government to develop a client base and conducive business climate.
Tom Crum, Chief Operating Officer, Halliburton KBR Government Operations, said "We are very pleased to have secured the cooperation and enthusiastic support of SBMA's Chairman Payumo and the Philippine Government. The agreement provides Halliburton KBR with a secure basis for investment of the requisite resources needed to fully understand the development costs, risk and work loading necessary to ensure the commercial viability of the operation."
Halliburton KBR brings to the team a wealth of maritime logistics and ship support services and experience including extensive fabrication and maintenance of offshore oil and gas facilities, maintenance, repair and construction of naval and merchant vessels and operations of maritime logistics and husbanding services. Halliburton KBR is also the majority owner and managing partner of the Devonport Royal Dockyard in Plymouth, England, the Royal Navy's surface ship and sole submarine refit/refueling facility.
Halliburton KBR has evaluated a range of South East Asian locations for a facility of this type. Subic Bay was selected as the preferred location recognizing its strategic significance and geographic position. Subic Bay's reputation as a safe, all weather, deepwater harbor with direct intermodal transportation access to the industrial base of Central Luzon and excellent English-speaking workforce were primary factors in selecting the Philippines as a potential base of operations.
"With the commitment and cooperation of all the parties concerned, the project can realize significant social, economic and commercial benefits," said Bruce Derrick, Halliburton KBR's Country Manager - Philippines.
Halliburton KBR and SBMA anticipate that implementation of the project could commence as early as 2003.
Halliburton KBR is an international, technology-based engineering and construction company, which provides a full spectrum of industry-leading services for governments, public infrastructure and to the hydrocarbon, chemical, energy, and forest products industries.
Halliburton, founded in 1919, is the world's largest provider of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services Group and Engineering and Construction Group business segments. The company's World Wide Web site can be accessed at www.halliburton.com.
Contact
Zelma Branch
Halliburton Global Public Relations
(p) 713.676.4371
zelma.branch@halliburton.com
Keith Manchester
Halliburton KBR
(p) 703.526.7566
keith.manchester@halliburton.com
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