Halliburton and DSND to form new subsea company

Halliburton Subsea, Dallas, a business unit of Halliburton’s energy services group, and Norwegian-based DSND Subsea ASA have signed a letter of intent to combine their subsea interests in upstream oil and gas. The new company plans to start operations on 1 January 2002. The new company will be formed combining assets, people, ongoing contracts and property of the two parties. The new entity, headquartered in Aberdeen, Scotland, will have regional bases in Norway, Singapore, Brazil and the US, and it will control 23 ships capable of deepwater reeled and flexible pipelay, deepwater subsea construction and saturation diving and survey. In addition, the new company will have a fleet of 100 remotely operated vehicles and three pipeline construction yards. Halliburton and DSND will each have a 50% shareholding in the new company.

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