Yesterday, oilfield service provider Halliburton Company (HAL) announced the receipt of a two-year, $229 million contract from the Norwegian subsidiary of Talisman Energy Inc (TLM). The deal calls for Halliburton to provide drilling fluids and related services to all Talisman-operated fields on the Norwegian Continental Shelf.

Halliburton further said that work on the contract, which includes several extension options, began in the third quarter of 2009. The world’s second-largest oilfield services company after Schlumberger Limited (SLB) will provide the required services through its Baroid product service line.

We view the Talisman contract award as a positive for Halliburton, especially at a time when the company is reeling from its heavy exposure to the North American market.

Houston, Texas-based Halliburton Company is one of the largest oilfield service providers in the world, offering a variety of equipment, maintenance, and engineering and construction services to the energy, industrial, and government sectors.

The company plans to release its third quarter results on October 16, 2009.

We currently rate Halliburton shares as Neutral.

Zacks Investment Research
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