FOR IMMEDIATE RELEASE                        Contact: Guy T. Marcus
February 11, 1997                                     Vice President-Inv. Rel.
                                                      (214) 978-2691

                      PURCHASE OF DEVONPORT ROYAL DOCKYARD

     DALLAS,  Texas --  Halliburton  Company  (NYSE-HAL)  announced  today  that
Devonport  Management Limited (DML) has agreed to purchase the share capital and
assets  of  the  Devonport  Royal  Dockyard  Limited  from  the  United  Kingdom
government's  Ministry of Defence for cash consideration  totalling 40.3 million
British pounds (approximately $66.1 million).

     Halliburton's  subsidiary  Halliburton Holdings Limited, the United Kingdom
parent of Brown & Root Limited,  will own 51 percent of DML. The other owners of
DML will be The Weir Group plc (24.5 percent) and BICC PLC (24.5 percent).

     Devonport  Royal  Dockyard,  located  in  Plymouth,  England,   principally
provides  repair and  refitting  services for the British  Royal Navy's fleet of
submarines   and  surface   ships.   DML  has  operated  the  dockyard  under  a
"government-owned-contractor-operated"   term  contract   since  April  1987.
Following  the  dockyard  acquisition,  DML will  continue  to provide the large
majority of its services to the British Royal Navy.

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     Dick Cheney,  Halliburton  Company's  chairman of the board,  president and
chief  executive  officer,  said,  "We are pleased that  Halliburton  is able to
participate  in the  United  Kingdom's  privatizaton  of  this  important  naval
facility.  Because of Brown & Root's active  involvement  in the  management and
operation  of the  dockyard  during  the past nine years we are  confident  that
private ownership will bring real benefits to the United Kingdom defense program
and provide DML's owners with a significant business enterprise."

     Halliburton  Company  is one  of the  world's  largest  diversified  energy
services, engineering, maintenance, and construction companies. Founded in 1919,
Halliburton  provides a broad range of energy services and products,  industrial
and marine engineering and construction services.

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