|
|
|
HALLIBURTON TO SELL INTEREST IN JOINT VENTURE
Dallas, Texas - Halliburton (NYSE:HAL) announced today that it has signed a letter of intent to sell its 50% interest in Bredero-Shaw to its partner, ShawCor Ltd. (SCL.A/TSE) for $150 million comprised of cash, stock and a short-term note. The transaction is subject to approval by the respective Boards of Directors, execution of definitive agreements, and regulatory approvals. Bredero-Shaw, which is accounted for using the equity method, contributed approximately $4 million, or $.01 per share to Halliburton net income in 2001. The sale of Bredero-Shaw, which is in the pipe coating business, is the first of the company's previously announced plan to divest non-strategic assets. In connection with this decision, the Company will recognize a pretax loss of $61 million or $0.14 per diluted share. Other sales are expected to be concluded by year end and total proceeds are not expected to exceed $500 million.
Halliburton, founded in 1919, is one of the world's largest providers 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
Wendy Hall
wendy.hall@halliburton.com
Halliburton
Public Relations
(p) 713.676.5227
Cedric Burgher
cedric.burgher@halliburton.com
Halliburton
Vice President
Investor Relations
(p) 713.676.4608
Employment Contact
jobs@halliburton.com
(p) 800.888.7668
ext. 8005
Supplier/Procurement Contact
kbr_supplier_relations@halliburton.com
Supplier Diversity Contact
Erin Petkovich
supplier_diversity@halliburton.com
Back to Top
| |
|
