More on the Halliburton-Dubai relationship

Third Quarter 2006 earnings for Halliburton.

• The Abu Dhabi Company for Onshore Oil Production (ADCO) has awarded Halliburton contracts valued at more than $70 million for cementing services, stimulation services, and special tools. Under the three-year agreement, Halliburton will provide optimum solutions to ongoing ADCO exploration and production activities located in the onshore fields of Abu Dhabi, United Arab Emirates.

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Halliburton announced on March 12, 2007, that "it would open a corporate headquarters in the United Arab Emirates city of Dubai and move its chairman and chief executive, David J. Lesar, there." Halliburton will remain a US company subject to US laws, but Dubai has no extradition agreement with the United States, meaning that Mr. Lesar could not be compelled to return to the US to testify, stand trial or serve any sentence related to any Halliburton activities under investigation."

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Halliburton's Subsidiaries

143 total subsidiaries, 36 incorporated in the United States

Avalon Financial Services, Ltd., Cayman Islands
Baroid Algeria de Service aux Puits SpA, Algeria
Baroid Corporation, United Kingdom
Baroid de Venezuela, S.A. Venezuela
Baroid GmbH Germany
Baroid International Inc. United States
Baroid International Trading, LLC United States
Baroid Limited United KingdomBaroid Nigeria, Inc. United States
Baroid of Nigeria Limited Nigeria
Beheersmaatschappij van Aandelen in Textielverwerkende Ondernemingen "Betex" B.V." Netherlands
BITC (US) LLC United States
BITC Holdings (US) LLC United States
BPM Minerals, LLC United States
Breswater Marine Contracting B.V. Netherlands
Brown & Root Cayman Holdings, Inc. Cayman Islands
Brown & Root Construction Pty Ltd Australia
Brown & Root Projects Pty Ltd Australia

More subsidiaries.

Also,

Halliburton, which has long been involved in the Middle East, generated more than 38 percent of its $13 billion in oil-services revenue in the eastern hemisphere last year.

"The company as a whole has continued to diversify internationally, and the Middle East is a point that they have targeted," said William Sanchez, a U.S.-based analyst at Howard Weil.
"They are being opportunistic in putting the CEO in the middle of the action."
Sanchez said he believed Halliburton's move to Dubai was not tax related. Instead he viewed it as a strategic play.
Alan Laws, an analyst at Merrill Lynch, said the move would likely help Halliburton's position in negotiating large contracts.