Det danske Fredsakademi
Kronologi over fredssagen og international politik 7. Juli 2005 / Time Line July 7, 2005
Version 3.007/07/2005
Halliburton bags another Iraq contract
Reuters, Thursday 07 July 2005.
The US military has signed on Halliburton to do nearly $5 billion
in new work in Iraq under a giant logistics contract that has so
far earned the Texas-based firm $9.1 billion.
Linda Theis, a spokeswoman for US Army Field Support Command in
Rock Island, Illinois, said on Wednesday that the military signed
the work order with Halliburton unit Kellogg Brown and Root in
May.
The new deal, worth $4.97 billion over the next year, was not made
public when it was signed because the Army did not consider such an
announcement necessary, she said.
Halliburton, which was run by Vice President Dick Cheney from
1995-2000, has been under scrutiny for its contracts in Iraq and
several US government agencies are looking into whether it
overcharged for some work.
Increasing earnings
A Halliburton spokeswoman said the new spending package was
approved by the army after the company submitted estimated costs
for the year based on services requested.
The $4.97 billion figure represented the maximum under the
contract, and the actual amount could be lower since the army doled
out the work on an incremental basis, she said.
Called LOGCAP, KBR had by 31 May been paid $9.1 billion under the
deal, which has nine option years that have been renewed three
times. They are up for renewal each December.
Of this amount, $8.3 billion was for work in Iraq and the remainder
for Afghanistan and elsewhere. Money obligated for future work
amounted to $11.4 billion, said Theis, pointing out not all of this
money would necessarily be spent.
Share price increase
Halliburton shares slipped 1.5%, or 75 cents, to $48.87 per share
on the New York Stock Exchange, tracking the decline in the energy
services sector on Wednesday.
However, Halliburton shares have rallied 13% since the beginning of
June, bolstered by high crude oil prices.
Despite the drop in the stock price, analysts said the latest news
was positive for the company and indicated "the government has no
issue with Halliburton's performance," said Kurt Hallead, analyst
with RBC Capital Markets.
07/07/2005
Fire bomber eksploderer i London.
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