Halliburton Pays $219m in Barracuda & Caratinga

Source: Reuters 2/11/2013, Location: South America

A seven-year dispute between U.S. engineering company KBR Inc and a Brazilian client over an oil project off the coast of the country settled last month with a $219 million payment by Halliburton Co, KBR's former parent.

According to a Halliburton filing, the payment was made in January to Barracuda & Caratinga Leasing Co (BCLC) to settle the dispute over failed bolts on subsea flowlines that were part of a $2.5 billion oilfield contract awarded to KBR.

BCLC, controlled by giant Brazilian oil company Petrobras , first filed for arbitration of the issue in March 2006. The arbitrators found in BCLC's favor in late 2011, and KBR challenged the decision in a New York court.

Under the 2007 separation agreement between KBR and Halliburton, the oilfield services giant agreed to shoulder any Barracuda-Caratinga award against KBR. Halliburton disclosed in its annual report on Monday that it recorded an $80 million tax benefit in 2012 related to the satisfaction of this obligation.

For more information about related Opportunities and Key Players visit Brazil Oil and Gas Projects


Japan >>  5/23/2022 - JGC Holdings Corporation and JGC Japan Corporation announce that they have used their jointly managed corporate venture capital fund (CVC) called the ...
Morocco >>  5/12/2022 - - €40 million loan to Morocco’s Agence Nationale des Ports (ANP)
- Financing to enhance the climate resilience of selected Moroccan ports
-...


Norway >>  5/12/2022 - Neptune Energy announced its financial results for the three months ended 31 March 2022. ...
South Korea >>  5/12/2022 - - Hanwha Solutions will expand its solar module factory in U.S. and cell production facility in Korea, to meet the growing global demand for reliable ...

United Kingdom >>  5/12/2022 - - Corio Generation partners with Ontario Teachers’ Pension Plan to support the development of up to 9GW of offshore wind worldwide
- Ontario Teac...

United Kingdom >>  5/10/2022 - Neptune Energy has announced it will spend more than $1 billion(1) over the next five years securing energy supplies for the UK and speeding the trans...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.