Jobs in Iraq Info Page 39
Working
in Iraq boosts income at US group
Randy Harl, chief executive of KBR, the Halliburton engineering, construction and services unit, said it had boosted Iraq's oil production to higher than pre-war levels as part of its broad mandate in Iraq, where Halliburton is doing everything from the soldiers' laundry to servicing oil fields. Halliburton warned that its revenue from that country would see a decline, at least in the near term, because of the March 31 end to one of its contracts - that of fuel deliveries for the US in Iraq. Halliburton said the number of US troops in Iraq, and the duration of their stay, might well lead to an up-tick in revenue from Iraq in the long term. Halliburton has lost 34 staff and contract employees since it began the US government work in Iraq but Dave Lesar, Halliburton chief executive, said the company was committed to seeing its work there through. In spite of the profitability of Halliburton's Iraq operations, the company reported a net loss $65m, or 15 cents per share, for the first quarter, swinging from a net profit of $43m, or 10 cents a share, in the year-earlier period. That was primarily because of a net loss of $141m, or 32 cents a share, from discontinued operations for its proposed asbestos settlement. Investors have for years been cautious on Halliburton because of the 400,000 asbestos claims against the company, which it inherited with its acquisition of Dresser Industries. Mr Lesar said Halliburton was in the final stages of completing a $4bn settlement, which is to undergo confirmation hearings by the courts this month. Analysts have considered this a far more important issue for Halliburton than the allegations of over-billing the US for work in Iraq, which the company has denied. Halliburton
has been under intense scrutiny for its work in Iraq after some of it was received
in a no-bid contract that fuelled allegations that the company was being favoured
because of its ties to Dick Cheney, US vice-president, who led Halliburton until
charting his move to the White House. From:
http://news.ft.com/servlet/ContentServer?pagename
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Working in Iraq boosts income at US group