Halliburton completes $2.8 billion asbestos funding

HOUSTON--Halliburton Co. has completed the funding of about $2.8 billion to settle asbestos and silica claims filed against two of its subsidiaries.

The Houston-based engineering and energy company paid the final installment of the settlement Tuesday to fund trusts that will pay current claimants who have suffered damages from asbestos and silica. The settlements were for Halliburton units DII Industries L.L.C. and Kellogg Brown & Root Inc., both of which emerged from bankruptcy earlier this month.

In addition, Halliburton on Jan. 20 issued 59.5 million shares of common stock that had been set aside to pay for future asbestos claims.

Halliburton said it has collected more than $1 billion from various insurers related to the settlements. Those payments include $575 million last year from Equitas Ltd., the runoff reinsurer for the pre-1993 liabilities of Lloyd's of London syndicates.