Brown & Root to Sell Construction Units
Brown & Root International Inc. has agreed in principle to sell some of its marine construction properties to Offshore Pipelines Inc. for about $80 million cash.
Assets to be sold include interests in 23 derrick, pipe-lay and other marine construction vessels, an offshore support base in Sabine Pass, a leased fabrication yard and offshore support base in Bahrain, and a leased facility in Singapore, the company said.
The sale does not include Brown & Root’s interests in European Marine Contractors Ltd., Rockwater Offshore Contractors, Highlands Fabricators, its fabrication operations in the United States and Indonesia, and its worldwide marine engineering and product management business, Brown & Root said.
The two companies must reach a definitive agreement, complete financing arrangements and gain approval from Offshore Pipelines’ board before the sale can be completed.
Brown & Root is owned by Dallas-based Halliburton Co., a diversified oil field services, engineering and construction company.
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