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| Halliburton sells non-core assets to Hercules Offshore Two Halliburton subsidiaries, Halliburton West Africa Limited and Halliburton Energy Services Nigeria Limited, announced that they have entered into an agreement to sell certain non-core assets to Hercules Offshore, Inc. The sale will include eight lift boats and will give Hercules the right to operate five additional lift boats under an agreement with the third-party vessel owner. The initial purchase price is approximately $50 million, with potential additional proceeds to Halliburton from an earn-out arrangement. The 13 vessels have an average age of about 20 years, with substantial retrofitting over the years. All are based in Nigeria and operate in the coastal waters of West Africa. The transaction is expected to close in the fourth quarter of 2006 and will result in a pre-tax gain for Halliburton of at least $40 million. write your comments about the article :: © 2006 Construction News :: home page |