Offshore staff
(UK) - KBR will sell the Production Services group, part of the company's Energy and Chemicals division, through a transaction which is expected to close in 2Q 2006.
KBR is the engineering, construction and services subsidiary of Halliburton.
"In line with Halliburton's previously announced plan to divest non-strategic assets, executing this management buyout will help ensure continuity to Production Services' customers, which is of paramount importance," says Cris Gaut, executive VP and CFO, Halliburton.
Based in Aberdeen, the Production Services group delivers a range of support services to oil and gas E&P customers and has been in operation for over 25 years.
Its portfolio of support services includes asset management and optimization; brownfield projects; engineering; hook-up, commissioning, and start-up; maintenance management and execution; and long-term production operations. Following the sale, the group will operate under the name Production Services Network (PSN).
03/17/06
