Halliburton Co. (NYSE: HAL) said April 7 that it will separately sell its fixed cutter and roller cone drillbits, directional drilling and LWD/measurement while drilling businesses.
Halliburton will operate as one company, including the businesses held for sale, until their sale is complete. The drilling businesses are expected to be sold in the second half of 2015, in the same time frame as the closure of the Baker Hughes Inc. (NYSE: BHI) acquisition.
The final sale of the businesses will not be completed until acceptable negotiated terms and conditions are approved by the board of directors, and final approvals of the Baker Hughes acquisition are made by competition authorities, Houston-based Halliburton added.
Dave Lesar, chairman and CEO, said the drilling businesses’ inherent value will be recognized by prospective buyers. He said the company would prefer to retain them, but some overlapping businesses must be sold to obtain approvals from competition authorities for the Baker Hughes acquisition.
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