FOR IMMEDIATE RELEASE        Contact-Barbara Johnson    Guy T. Marcus
March 14, 1997                       News Media         Investor
                                     (713)676-8097      Relations
                                                        (214) 978-2691

                  PURCHASE COMPLETE OF DEVONPORT ROYAL DOCKYARD

     DALLAS, Texas -- Brown & Root, a Halliburton Company (NYSE:HAL) subsidiary,
announced  that  through its United  Kingdom (UK)  holding  company  Halliburton
Holdings Ltd, it is the majority  shareholder  in Devonport  Royal Dockyard Ltd,
which today  completed the purchase of the Devonport Royal Dockyard in Plymouth,
England.

     The  facilities  purchase  from the UK  government  for cash  consideration
totalling  40.3  million   British   pounds,   marks  the  final  stage  in  the
privatization  of Devonport,  the UK's largest  submarine and warship  refitting
facility.  The  shareholders  of Devonport  Royal  Dockyard Ltd are  Halliburton
Holdings Ltd (51%), BICC plc (24.5%) and The Weir Group PLC (24.5%).

     "This is a  landmark  in Brown & Root's  history - we are  delighted  to be
continuing  our  involvement  at Devonport as we move from the management to the
ownership of this vital national asset," said Tony Pryor,  chairman of Devonport
Royal  Dockyard  Ltd.  "We will  continue to provide  the large  majority of our
services to the British Royal Navy."

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     Devonport will become the UK's sole  refitting and refuelling  location for
nuclear-powered  submarines early next century,  following the modernization and
upgrading of its facilities.  It also has a comprehensive  range of surface ship
support  facilities  including a modern three-dock,  covered,  warship refitting
complex, supported by an extensive range of engineering workshops.

     Devonport  Management Ltd has operated  Devonport on behalf of the Ministry
of  Defense  (MoD)  since  April 1987 under a  management  contract  in which it
licensed the assets from the MoD and managed the  day-to-day  operations  of the
business and its workforce.

     Brown & Root is the engineering and construction  subsidiary of Halliburton
Company,  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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