SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (date of earliest event reported)
OCTOBER 18, 2001
Halliburton Company
(Exact name of registrant as specified in its charter)
State or other Commission IRS Employer
jurisdiction File Number Identification
of incorporation Number
Delaware 1-3492 No. 75-2677995
3600 Lincoln Plaza
500 North Akard Street
Dallas, Texas 75201-3391
(Address of principal executive offices)
Registrant's telephone number,
including area code - 214/978-2600
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INFORMATION TO BE INCLUDED IN REPORT
Item 5. Other Events
The registrant may, at its option, report under this item any events, with
respect to which information is not otherwise called for by this form, that the
registrant deems of importance to security holders.
On October 18, 2001 registrant issued a press release entitled "Halliburton
and DSND Sign Letter of Intent to Form New Subsea Company" pertaining, among
other things, to an announcement that Halliburton Subsea, a business unit of
registrant's Energy Services Group, and Norwegian-based DSND Subsea have signed
a letter of intent to combine their respective subsea interests in the upstream
oil and gas industry. The two companies have agreed to terms subject to due
diligence, regulatory approval and board approvals. The new company plans to
start operations on January 1, 2002. Registrant and DSND will both have a 50
percent shareholding in the new company.
Item 7. Financial Statements and Exhibits
List below the financial statements, pro forma financial information and
exhibits, if any, filed as part of this report.
(c) Exhibits.
Exhibit 20 - Press release dated October 18, 2001.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HALLIBURTON COMPANY
Date: October 18, 2001 By: /s/ Susan S. Keith
---------------------------------------
Susan S. Keith
Vice President and Secretary
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EXHIBIT INDEX
Exhibit Description
20 Press Release Dated October 18, 2001
Incorporated by Reference
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FOR IMMEDIATE RELEASE CONTACT: Wendy Hall
October 18, 2001 Halliburton
(713) 676-5227
wendy.hall@halliburton.com
Geir Aune
DSND
+47 92225459
HALLIBURTON AND DSND SIGN LETTER OF INTENT TO FORM
NEW SUBSEA COMPANY
Combination of Subsea Interests Poised to Meet Growth in the
Upstream Oil and Gas Market
DALLAS, Texas - Halliburton Subsea, a business unit of Halliburton's (NYSE: HAL)
Energy Services Group, and Norwegian-based DSND Subsea ASA (OSE: SFJ) announced
today that the two companies have signed a letter of intent to combine their
respective subsea interests in the upstream oil and gas industry. The companies
have agreed to terms subject to due diligence, regulatory approval and board
approvals. The new company plans to start operations on January 1, 2002.
A new company will be formed combining assets, people, ongoing contracts
and intellectual property of the two parties. The new entity, which will be
headquartered in Aberdeen, Scotland, will have regional bases in Norway,
Singapore, Brazil and the United States and will control 23 modern, high
specification dynamically positioned ships capable of deepwater reeled and
flexible pipelay, deepwater subsea construction and saturation diving and
survey. In addition, the new company will have a fleet of more than 100 remotely
operated vehicles (ROVs) and three pipeline construction yards. The combined
staff of 4,000 people will include 500 professionally qualified engineers with a
strong emphasis on subsea field development and robotic intervention.
Halliburton and DSND will both have a 50 percent shareholding in this new
company.
"This new company will solidify Halliburton's presence in the high growth
global deepwater subsea industry, and the structure allows Halliburton to
contribute assets, contracts and personnel without investing additional
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capital," said Dave Lesar, chairman, president and chief executive officer of
Halliburton. "There is an excellent strategic fit both technically and
geographically between the parties, and the new company will be well placed to
service both the traditional and deepwater growth markets."
"The creation of the new company allows us to implement the strategy of
becoming one of the world's leading subsea contractors faster than if we were to
continue to build the business through organic growth. Better market access and
higher utilization of the existing fleet is expected to have a strong impact on
the bottom line", says Diderik Schnitler, Chairman of DSND Subsea's Board of
Directors. "The new company will be able to offer total packages within a wider
scope of services. This means a more competitive position, more efficient
procurement, a better product range, and a more flexible utilization of the
fleet and professional project management."
Fifty percent of the 1,900 subsea wells worldwide are located in the North
Sea. The future growth will come from the deepwater provinces of the Gulf of
Mexico, West Africa, Brazil and the Asia Pacific region. In addition to a
presence in the United Kingdom and Norway, the new company will have an
established operational presence in each of the growth markets and will be
poised to support the projected increase in subsea activities in these
geographic areas.
DSND Subsea was established in 1854 and is a leading subsea contractor that
is engaged in the North Sea, Gulf of Mexico, Brazil and West Africa. The company
operates a fleet of 35 vessels and employs 2,000 people. The company played a
major role in salvaging the Russian submarine "Kursk". The company's Word Wide
Web site can be accessed at www.dsnd.co.uk.
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.
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