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HALLIBURTON TO SELL MONO PUMPING BUSINESS
Houston, Texas - Halliburton (NYSE: HAL) announced today that it has reached an agreement to sell its mono pumping business to National Oilwell, Inc. (NYSE: NOI) through the sale of all outstanding stock of Monoflo, Inc. in the United States and Mono Group in the United Kingdom. The sale of the mono pumping business is part of Halliburton's previously announced plan to divest of non-strategic assets. Mono is a leading worldwide manufacturer of power sections for downhole drilling motors, downhole artificial lift pumps, progressing cavity fluid transfer pumps, grinders and screens and services the oilfield, industrial and agricultural markets.
National Oilwell will issue 3.2 million shares of its Common Stock and pay $22.65 million in cash for the business, for a total consideration of approximately $87 million based on the January 15, 2003 closing price of the stock.
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
Cedric W. Burgher
cedric.burgher@halliburton.com
Halliburton
Vice President
Investor Relations
(p) 713.759.2688
Wendy Hall
wendy.hall@halliburton.com
Halliburton
Manager
Public Relations
(p) 713.759.2605
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
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