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)
January 28, 2004
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
1401 McKinney, Suite 2400
Houston, Texas 77010
(Address of principal executive offices)
Registrant's telephone number,
including area code - 713-759-2600
INFORMATION TO BE INCLUDED IN REPORT
Item 9. Regulation FD Disclosure
On January 28, 2004 registrant issued a press release entitled "Equitas
and Halliburton Settle Asbestos Insurance Claims."
The text of the press release is as follows:
EQUITAS AND HALLIBURTON
SETTLE ASBESTOS INSURANCE CLAIMS
LONDON and HOUSTON, Texas, 28 January 2004 - Equitas and Halliburton
Company (NYSE: HAL) announced today that they have reached a comprehensive
agreement to settle Halliburton's insurance claims against certain Underwriters
at Lloyd's of London, reinsured by Equitas, as a result of which Halliburton
will be paid $575 million. The settlement will resolve all asbestos-related
claims made against Lloyd's Underwriters by Halliburton and by each of
Halliburton's subsidiary and affiliated companies, including DII Industries,
Kellogg Brown & Root and others that have filed chapter 11 bankruptcy
proceedings as part of Halliburton's global asbestos settlement. Halliburton's
claims against its London Market Company Insurers are not affected by this
settlement.
Provided that there is final confirmation of the bankruptcy plan of
reorganisation for DII Industries and the other Halliburton affiliates now in
bankruptcy and no U.S. federal asbestos reform legislation is passed in the
current Congress, Halliburton will be paid a total of $575 million in two
payments of $500 million and $75 million (18 months later). The payment will be
made on the later of January 5, 2005 or at the same time as DII and other
Halliburton affiliates will be obligated to pay asbestos claimants as part of
Halliburton's global asbestos settlement.
Simon Wright, Equitas' Head of Asbestos Pollution and Health Hazard
Claims, said: "The settlement with Halliburton caps what is, by far, the largest
single direct liability faced by Equitas. This major settlement is yet another
example of Equitas' commitment to resolving claims with all Lloyd's
policyholders as expeditiously as is reasonably possible and at fair values.
Both we and Halliburton will continue to review the underlying asbestos claims
that will be paid on confirmation of the bankruptcy plan as part of
Halliburton's global asbestos settlement."
With completion of this settlement, Equitas has now resolved 5 of its
10 largest asbestos exposures. Glenn Brace, Equitas' Claims Director, said: "We
were able to settle them after tough negotiations in which both sides looked
very carefully at their assets and liabilities before settlement was reached."
Brace added, "We have had some of the most sophisticated businesses in the world
on the other side of the negotiation table. We are willing to have similar
discussions with any of our policyholders, large or small, so long as they are
sincerely interested in reaching a realistic settlement."
"This settlement demonstrates the strength and scope of our insurance
asset," said Dave Lesar, Halliburton Chairman, President and Chief Executive
Officer. "Even with this settlement we do not foresee a reduction in our
insurance receivable. We are very pleased that this portion of our insurance
asset has recognized the potential risk of our claims and moved in a responsible
manner to resolve them. We hope other insurers will respond in a similar manner,
so that those who will benefit from the Trust will be able to receive payment
and move forward with their lives."
Notes to Editors:
EQUITAS
Equitas, based in London, was established to reinsure and run-off the
1992 and prior years' non-life liabilities of Names, or Underwriters, at Lloyd's
of London. Equitas actively manages the non-life liabilities arising from
policies written by Lloyd's syndicates in 1992 and prior years. This includes
agreeing comprehensive settlements and policy buy-backs that extinguish current
and future claims from these policyholders.
Jon Nash, Equitas Communications
Telephone........................... +44 (0)207 342 2414
Mobile.............................. +44 (0)7801 810 342
E-mail.............................. jon.nash@equitas.co.uk
William Clutterbuck, The Maitland Consultancy
Telephone........................... +44 (0)207 379 5151
Mobile ............................. +44 (0)7785 292 617
E-mail.............................. wclutterbuck@maitland.co.uk
Steven Bruce / Ed Rowley, The Abernathy MacGregor Group
Telephone.................................... 212-371-5999
Mobile....................................... 917-860-2657 / 917-509-0276
Email........................................ sb@abmac.com / emr@abmac.com
HALLIBURTON
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 and Engineering and Construction Groups. The Company's World Wide Web
site can be accessed at www.halliburton.com.
Cedric Burgher
cedric.burgher@halliburton.com
Halliburton, Investor Relations
(p) 713.759.2688
Wendy Hall
wendy.hall@halliburton.com
Halliburton, Public Relations
(p) 713.759.2605
This release contains forward-looking statements as defined in Section 21E of
the Securities Exchange Act of 1934, including statements about future business
operations, financial performance and market conditions. Such forward-looking
statements involve risks and uncertainties inherent in business forecasts as
further described in our filings under the Securities Exchange Act.
# # #
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: January 29, 2004 By: /s/ Margaret E. Carriere
---------------------------------
Margaret E. Carriere
Vice President and Secretary