Halliburton agrees asbestos settlement
www.moneynews.co.uk > Insurance > Halliburton agrees asbestos settlement
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Halliburton agrees asbestos settlement
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The deal settles claims made against Lloyds, a client of Equitas, over asbestos-related compensation payments.
The energy services company has previously estimated its total asbestos liability to be about $4 billion, noting that it expects insurers to cover about half of that cost.
In a joint statement, Halliburton and Equitas said their settlement resolves all asbestos-related claims made against Lloyd's underwriters by Halliburton and its affiliates and subsidiaries.
Halliburton's settlement is subject to the approval of related bankruptcy plans and there being no US federal asbestos reform legislation passed in the current Congress.
The first payment will be made at the same time as DII and other Halliburton affiliates pay asbestos claimants as part of Halliburton's global asbestos settlement.
In the four most-recently reported quarters, Halliburton reported earnings of $61 million on revenue of $14.15 billion.
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