Halliburton Closes Deal to Sell Nigeria-Based Lift Boats
 10th NOV 2006

Halliburton West Africa Limited and Halliburton Energy Services Nigeria Limited finalized the previously announced agreement to sell certain non-core assets to Hercules Offshore, Inc. The sale includes eight lift boats and gives Hercules the right to operate five additional lift boats under an agreement with the third-party vessel owner.

The 13 vessels, with an average age of 20 years, are based in Nigeria and operate in the coastal waters of West Africa. The initial purchase price is approximately $50 million, with additional payments to Halliburton over a three-year period based on an earn-out arrangement. The sale will result in a pre-tax gain for Halliburton of more than $35 million. "As we stated previously, the sale of these assets is in line with Halliburton's decision several years ago to exit the lift boat business," said Cris Gaut, Halliburton's Chief Financial Officer.

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