Halliburton pays $219m in Brazil arbitration

KBR settlement: Halliburton to pay out $219 million in bolt case

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News Wires

 12 February 2013 21:08 GMT

A seven-year dispute between US engineering company KBR Inc and a Brazilian client over an oil project off the coast of the country settled last month with a $219 million payment by Halliburton, KBR's former parent.

According to a Halliburton filing on Monday, the payment was made in January to Barracuda & Caratinga Leasing (BCLC) to settle the dispute over failed bolts on subsea flowlines that were part of a $2.5 billion oilfield contract awarded to KBR, Reuters reported.

BCLC, controlled by giant Brazilian oil company Petrobras, first filed for arbitration of the issue in March 2006.

The arbitrators found in BCLC's favor in late 2011, and KBR challenged the decision in a New York court.

Under the 2007 separation agreement between KBR and Halliburton, the oilfield services giant agreed…

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