Halliburton To Restructure, Form Two Separate Subsidiaries To Battle Asbestos Claims

DALLAS - Oil services giant and asbestos defendant Halliburton Co. has indicated that it will split into two independent subsidiaries in an attempt to better manage its asbestos liabilities, press reports indicate.

Several major newspapers were reporting Tuesday that the company's CEO, David Lesar, told employees via e-mail on Monday that Halliburton would separate its Energy Services Group from its Kellogg Brown & Root engineering and construction unit. Both will be wholly owned subsidiaries of Halliburton, which is based in Dallas.

The company's Kellogg Brown & Root unit has accounted for a portion of Halliburton's asbestos liabilities, which over the …