Halliburton to Sell Interest in Joint Venture
Halliburton to Sell Interest in Joint Venture
DALLAS, Jul 22, 2002 /PRNewswire-FirstCall via COMTEX/ -- 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. (Toronto: SCL.A) 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 .
SOURCE Halliburton
CONTACT: Cedric Burgher, Vice President, Investor Relations, +1-713-676-4608, or Wendy Hall, Manager, Media Relations, +1-713-676-5227, both of Halliburton