Halliburton sees $30m Venezuela charge

Halliburton charge: Company said Venezuela business to incur expense

Reuters/Scanpix

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Kathrine Schmidt

 11 February 2013 19:50 GMT

Halliburton said on Monday it expects to take a $30 million currency devaluation charge in the first quarter after a Venezuelan government monetary shift, the oil-service firm said.

That came as authorities altered exchange rate to 6.3 Bolivar Fuertes per US dollar from 4.3, the company said in a filing with the US Securities and Exchange Commission.

“Further devaluation of the Bolivar Fuerte could impact our operations,” Halliburton added in its report.

The global contractor also said payments from its “primary customer”in oil monopoly PDVSA continued to lag, with $491 million or 9% of total receivables in the market left unpaid.

The currency devaluation, which the Venezuelan government claims was authorised by ailing President Hugo Chavez, aims to buy the government breathing…

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