Halliburton May Need New Asbestos Deal

Halliburton Co., a major provider of oil-field services, may be forced to renegotiate a planned settlement of asbestos lawsuits because a rising number of claims may boost the cost of the agreement.

The number of asbestos cases against the company rose to 425,000 by June 30 from 347,000 in December, when the agreement was reached, according to a Halliburton filing with the Securities and Exchange Commission. If the additional claims are confirmed, the $2.78 billion in cash set aside may be insufficient, the filing said.

Halliburton shares fell 26 cents to $23.07 on the New York Stock Exchange.

From Bloomberg News