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[grupo guitarlumber] 22/3/2004 17:52

By Ben McClure
March 22, 2004
If you were an oil company CEO with major development plans, would you feel comfortable contracting work to Halliburton (NYSE: HAL)? With all the bad press facing the energy and oilfield services giant, probably not. Criminal investigations over government contract shenanigans in Iraq and the prospect of liquidity problems at Halliburton could easily translate into profits for its biggest rival: Schlumberger (NYSE: SLB).

[grupo guitarlumber] 09/3/2004 05:56

SAN FRANCISCO (AFX) - Halliburton Co said its liquidity could be hurt if US
government agencies require a further review of its work in Iraq.
The Houston-based company made the statement in a 10-K filing with the US
Securities and Exchange Commission.
"As a result of an increase in the level of work performed in Iraq or the
Defense Contract Audit Agency's review of additional aspects of our services
performed in Iraq, it is possible that we may, or may be required to, withhold
additional invoicing or make refunds to our customer, some of which could be
substantial, until these matters are resolved," it said.
"This could materially and adversely affect our liquidity."
Halliburton faces questions over its billings forservices in Iraq.
In two recent instances, Halliburton temporarily credited 36 mln usd to the
Department of Defense and suspended 141 mln usd worth of invoicing of
subcontractor food services for US soldiers as it works with the Army to
reconcile the differences between meals ordered and the number of meals actually
served to the troops.
Halliburton is providing meal planning, food purchase and meal preparation
services for soldiers through its subsidiary, Kellogg Brown & Root.
USfood subcontractor Event Source, which runs 10 pct of the dining
facilities in Iraq, is threatening to stop serving hot meals to US troops
stationed there unless it is receives outstanding payments, according to media
reports.
Two weeks ago, the Pentagon said it opened a criminal probe of Halliburton.
Defense Department auditors found KBR may have overcharged the US government as
much as 61 mln usd for gasoline delivered to Iraq through a Kuwaiti
subcontractor.
Shares of Halliburton ended Monday's session up 10 cents at 31.61 usd.
wk/tr

[ariane] 28/2/2004 10:18

fracturing rocks for profit.

[waldron] 24/2/2004 07:14

WASHINGTON (AFX) - The US Defense Department has launched a criminal
investigation into allegations that a subsidiary of oil services company
Halliburton had overcharged the military for oil delivered to Iraq, a defense
official said.
"The Defense Criminal Investigative Service, the criminal investigative arm
of the Office of the Inspector General, is investigating allegations of fraud on
the part of Kellogg Brown and Root, including the potential overpricing of fuel
delivered to Baghdad by a KBR subcontractor," said the defense official, who
spoke on condition of anonymity.
Kellogg Brown and Root is a subsidiary of Halliburton, a Texas-based company
which was headed by Vice President Richard Cheney until 2000, when he joined
George W. Bush's election campaign.
"The allegations were included in a January 13, 2004 referral to the
inspector general from the Defense Contract Audit Agency," the official
explained.
The official gave no indication of how long theprobe was expected to last.
According to documents made public last month, Pentagon auditors have come
to a preliminary conclusion that the subcontractor employed by the oil service
giant had overcharged the US government by about 61 mln usd.
mk/jjc/wpf

[waldron] 12/2/2004 07:06

PARIS (AFX) - Technip said it has won a portion of a contract worth 11.6 mln
eur from Statoil ASA to build and install two pipelines for the subsea portion
of the Aasgard Q satellite development in the Norwegian part of the North Sea.
Theproject to deliver two 13.5 km-long infield flowlines will be conducted
in partnership with Subsea 7, a joint venture between Halliburton Subsea and the
subsea business and assets of DSND Subsea ASA.
Technip said the flowlines will be built at its welding base in Orkanger and
installed by Subsea 7's installation vessel Skandi Navica in the second half of
this year.
Details of the breakdown of the contract value were not provided.
[e-mail]
jad/ra

[maywillow] 09/2/2004 12:26

KUWAIT CITY (AFX) - Kuwaiti Energy Minister Sheikh Ahmad Fahd al-Sabah has
ordered a judicial probe into allegations that officials have profited from a
deal with Halliburton Co to supply fuel to the US military in Iraq, the official
KUNA news agency reported.
"In view of reports about the deal to supply US Army with oil and gas
products through a contractor which reached the extent of defaming some...the
supply agreement between Kuwait Petroleum Corp and the contractor has been
referred to the public prosecutor for investigation," KUNA quoted Sheikh Ahmad
as saying.
A draft US audit disclosed in December that the US government had been
overcharged by some 61 mln usd for oil purchased through a Halliburton
subcontractor inKuwait.
A number of Kuwaiti lawmakers and the local press have charged that top
officials at KPC were behind the decision to sell fuel to Halliburton's Kellogg
Brown and Root (KBR) unit through a local subcontractor, which they say is
uncharacteristic given the national oil giant's established marketing
department.
"We will deal with this issue with full transparency and we will
publish all findings of the public prosecution and we will not hesitate to refer
the issue to court," Sheikh Ahmad said.
oh/sd/vs

[waldron] 08/2/2004 20:39

LONDON (AFX) - UK Construction groups Amec PLC and Mowlem PLC have bid for
nearly half of the 14 bln usd worth of contacts up for grabs in the race to
rebuild Iraq, The Independent reported.
The paper said the two companies lodged their bids on Thursday with the
US-run Iraq Infrastructure Reconstruction Office.
Most of the reconstruction work has been secured by US companies to date,
but the 17 new contracts for water, sanitation, transport, electricity and
telecoms facilities offer a new opportunity to join in the reconstruction.
Both Amec and Mowlem have formed partnerships with American companies for
their bids -- Amec with California-based Fluor, is seeking contracts worth 5 bln
usd in water, transport, telecoms andelectricity.
Mowlem has formed a joint venture company with Halliburton subsidiary
Kellogg Brown & Root, called Aspire Water; it is bidding for three water
contracts, worth 1.5 bln usd.
The winning bidders are expected to be announced in mid-March.
[e-mail]
el/jlw

[grupo guitarlumber] 02/2/2004 12:51

NEW YORK, February 2 (New Ratings) - In a research note published on January 30, analyst Grant Borbridge of Prudential Financial reiterates his "neutral weight" rating on Halliburton Co (HAL), while raising his estimates for the company. The target price has been raised from $26 to $29.

[waldron] 29/1/2004 07:08

SAN FRANCISCO (AFX) -- Halliburton said it reached a $575 million agreement
with reinsurer Equitas to settle asbestos-related insurance claims against
Lloyd's of London underwriters. The agreement resolves all claims against the
underwriters by Halliburton and its bankrupt subsidiaries, including DII
Industries, and Kellogg Brown & Root among others. Equitas agreed to the
payments on final confirmation of the reorganization of DII Industries and the
other bankrupt affiliates.

[belabed] 25/1/2004 16:42

Halliburton share price continues to climb,can only be good for us who hold under the company share scheme.

Long may the conflict in Iraq continue if it continues to line my pocket:-)

[maywillow] 18/1/2004 16:52

Halliburton , the oil services company already under scrutiny for an oil-supply
contract in Iraq, won a contract worth up to $1.2 billion late Friday for its
Kellogg, Brown & Root subsidiary to help rebuild oil fields in southern Iraq.
The Army Corps of Engineers said the competitively bid contract replaces a
no-bid contract.