Oilfield services company Halliburton posted a wider-than-expected loss today due to a $1.1 billion charge for a pending settlement of hundreds of thousands of asbestos injury claims.
The company reported a fourth-quarter net loss of $947 million compared to a net loss of $616 million in same period last year.
The $4.3 billion asbestos settlement is to resolve over 300,000 claims by workers who say they were harmed by breathing asbestos fibres used in industrial furnaces built by a Halliburton subsidiary prior to a finding in the 1970s that asbestos is a carcinogen.
In addition to the asbestos liability, Halliburton has faced continuing accusations it is unfairly profiting from the US occupation of Iraq through a cozy relationship with the Bush Administration. US vice president, Mr Dick Cheney, is a former Halliburton chief executive.
Company evenue rose 63 per cent to $5.46 billion, due mainly to work Halliburton's KBR engineering and construction group has won from the US government in the Middle East.