Brown & Root to Sell Construction Units
- Share via
HOUSTON — 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.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.