Halliburton to move headquarters to Dubai
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Last Update: 12:28 PM ET Mar 11, 2007
SAN FRANCISCO (MarketWatch) -- Halliburton Co. will move its corporate headquarters from Houston to Dubai, according to reports Sunday citing the oil services company's CEO Dave Lesar.
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HAL32.02, +0.29, +0.9%) , once run by U.S. Vice President Dick Cheney, plans to maintain a corporate office in Houston, but the company will be run from its office in the United Arab Emirates, according to company spokeswoman Cathy Mann.
In an e-mail to the Associated Press, Mann said, "Halliburton is opening its corporate headquarters in Dubai while maintaining a corporate office in Houston. The chairman, president and CEO will office from and be based in Dubai to run the company from the UAE."
Lesar, speaking at an energy conference in nearby Bahrain, said he will move to Dubai to oversee Halliburton's intensified focus on business in the Mideast and Asia, home to some of the world's most important oil and gas markets, according to a report from the AP.
The AP quoted Lesar as saying, "as the CEO, I'm responsible for the global business of Halliburton in both hemispheres and I will continue to spend quite a bit of time in an airplane as I remain attentive to our customers, shareholders and employees around the world. ... Yes, I will spend the majority of my time in Dubai."
Last year, Halliburton earned a profit of $2.3 billion on revenue of $22.6 billion.
Halliburton is spinning off its KBR division, which provides construction and management for government and infrastructure projects, as well as energy and chemical engineering services. The company's energy group provides
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