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HALLIBURTON ACQUIRES REMAINING INTEREST IN ROCKWATER

 HALLIBURTON ACQUIRES REMAINING INTEREST IN ROCKWATER
 DALLAS, Oct. 9 /PRNewswire/ -- Halliburton Company (NYSE: HAL)


announced today that it has reached an agreement with Smit International to acquire Smit's 50 percent interest in Rockwater, a leading underwater engineering and construction company headquartered in Aberdeen, Scotland.
 The purchase will give Halliburton 100 percent ownership of Rockwater's worldwide activities. Rockwater will report to Halliburton through Brown & Root, Inc., a wholly owned Halliburton subsidiary. As a principal part of the agreement, Smit will become owner of the two Rockwater semi-submersible construction vessels and will lease them to Rockwater under a long-term agreement.
 Rockwater currently employs approximately 2,000 worldwide and has annual revenues of more than $250 million.
 Norman Chambers, chief executive officer of Rockwater, said, "Rockwater's operations will be unaffected by this change of shareholding." He further stated that Rockwater's current management structure will remain unchanged.
 Thomas H. Cruikshank, chairman of the board and chief executive officer of Halliburton, said, "Rockwater's offshore activities fit very well into the overall strategy of our marine business. Rockwater provides a wide range of services for offshore oil and gas fields, beginning with drilling support and construction and continuing through customers' lifecycle needs for underwater inspection, maintenance, repair and salvage. Rockwater's combination of technical innovation and whole-hearted commitment to quality and service features prominently in our development plans."
 Brown & Root, Inc., a Halliburton Company, is an international engineering, construction, and maintenance organization with 50,000 employees and annual revenues totalling more than $3.5 billion.
 Halliburton Company is one of the world's largest diversified energy services, engineering, maintenance, and construction companies. Founded in 1919, Halliburton provides a broad range of energy services and products, industrial and marine engineering and construction services, and property and casualty insurance services.
 -0- 10/9/92
 /CONTACT: Guy T. Marcus, vice president-investor relations of Halliburton Company, 214-978-2691/
 (HAL) CO: Halliburton Company ST: Texas IN: OIL SU: TNM


TS -- NY009 -- 8228 10/09/92 09:17 EDT
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Publication:PR Newswire
Date:Oct 9, 1992
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