Halliburton Completes the Sale of Subsea 7

Halliburton has complted the previously announced sale of its 50% interest in Subsea 7, Inc. to its joint venture partner, Siem Offshore, for $200 million in cash. As a result of the transaction, Halliburton will record a pre-tax gain of approximately $115 million during the first quarter of 2005.

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