Oil and Gas: Halliburton sells off non-core assets

Two Halliburton subsidiaries, Halliburton West Africa Limited and Halliburton Energy Services Nigeria Limited, have announced they have entered into an agreement to sell certain non-core assets to Hercules Offshore, Inc.

The sale will include eight lift boats and will give Hercules the right to operate five additional lift boats under an agreement with the third-party vessel owner. The initial purchase price is approximately $50 million, with potential additional proceeds to Halliburton from an earn-out arrangement.

According to Cris Gaut, Halliburton's chief financial officer, the move is in line with Halliburton's decision several years ago to exit the lift boat business.