FOR IMMEDIATE RELEASE            Contact:  Cedric Burgher
July 22, 2002                              Vice President, Investor Relations
                                           713-676-4608

                                           Wendy Hall
                                           Manager, Media Relations
                                           713-676-5227



                 HALLIBURTON TO SELL INTEREST IN JOINT VENTURE


     DALLAS --  Halliburton  (NYSE:HAL)  announced  today  that it has  signed a
letter  of intent  to sell its 50%  interest  in  Bredero-Shaw  to its  partner,
ShawCor  Ltd.  (SCL.A/TSE)  for $150  million  comprised  of cash,  stock  and a
short-term note. The transaction is subject to approval by the respective Boards
of Directors,  execution of definitive  agreements,  and  regulatory  approvals.
Bredero-Shaw,  which is  accounted  for using  the  equity  method,  contributed
approximately  $4 million,  or $.01 per share to Halliburton net income in 2001.
The sale of Bredero-Shaw, which is in the pipe coating business, is the first of
the company's  previously  announced  plan to divest  non-strategic  assets.  In
connection  with this decision,  the Company will recognize a pretax loss of $61
million or $0.14 per diluted share.  Other sales are expected to be concluded by
year end and total proceeds are not expected to exceed $500 million.
     Halliburton,  founded in 1919, is one of the world's  largest  providers of
products and services to the petroleum and energy industries. The Company serves
its  customers  with a broad range of products and  services  through its Energy
Services Group and Engineering and  Construction  Group business  segments.  The
Company's World Wide Web site can be accessed at www.halliburton.com.

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