Det danske Fredsakademi
Kronologi over fredssagen og international politik 11. februar 1997 / Time Line February 11, 1997
Version 3.510. Februar 1997, 12. Februar 1997
02/11/1997
Purchase of Devonport Royal Dockyard
Dallas, Texas - Halliburton Company (NYSE:HAL) announced today that
Devonport Management Limited (DML) has agreed to purchase the share
capital and assets of the Devonport royal Dockyard Limited from the
United Kingdom government's Ministry of Defense for cash
consideration totaling 40.3 million British pounds (approximately
$65.9 million).
Halliburton's subsidiary Halliburton Holdings Limited, the United
Kingdom parent of Brown & Root Ltd., will own 51 percent of
DML. The other owners of DML will be The Weir Group plc (24.5
percent) and BICC PLC (24.5 percent).
Devonport Royal Dockyard, located in Plymouth, England, principally
provides repair and refitting services for the British Royal Navy's
fleet of submarines and surface ships. DML has operated the
dockyard under a "government-owned-contractor-operated" term
contract since April 1987. Following the dockyard acquisition, DML
will continue to provide the large majority of its services to the
British Royal Navy.
Dick Cheney, Halliburton Company's chairman of the board, president
and chief executive officer, said, "We are pleased that Halliburton
is able to participate in the United Kingdom's privatization of
this important naval facility. Because of Brown & Root's active
involvement in the management and operation of the dockyard during
the past nine years we are confident that private ownership will
bring real benefits to the United Kingdom defense program and
provide DML's owners with a significant business enterprise."
Halliburton Company is one of the world's largest diversified
energy services, engineering, maintenance, and construction
companies. Founded in 1919, Halliburton provides a broad range of
energy services and products, industrial and marine engineering and
construction services.
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