Halliburton, Equitas Reach Asbestos Agreement

January 30, 2004

Reinsurer Equitas, the Lloyd's of London affiliate set up to deal handle asbestos cases, and Texas-based Halliburton Co. are reported to have reached an agreement to settle asbestos insurance claims.

According to Reuters news reports, under the agreement the oil services firm will receive $575 million in two payments over an 18-month period.

The agreement reportedly resolves all Halliburton asbestos claims against Lloyd's. Equitas, which was established in 1996, said the agreement caps the largest direct liability it faced.