Strategy

Subpoena for Chicago Bridge

SEC investigation concerns a Halliburton project in Nigeria.
Stephen TaubAugust 23, 2005

Engineering and construction company Chicago Bridge & Iron Co. announced that it has received a subpoena from the Securities and Exchange Commission in connection with the SEC’s investigation into a Halliburton project in Nigeria.

In a regulatory filing, Chicago Bridge added that it was served as one of several subcontractors to a Halliburton affiliate and that it is cooperating fully.

The Houston Chronicle pointed out that the SEC and the Department of Justice have been looking into Halliburton’s role in the construction of a $5.5 billion liquefied natural gas plant at Bonny Island in Nigeria’s Rivers State. In 1999, when Chicago Bridge first announced its participation in the project, the company estimated the value of its contract at more than $100 million, the Chronicle added.

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The facility was built by a consortium, called TSKJ, equally owned by Halliburton; France’s Technip; Snamprogetti Netherlands, an affiliate of Italy’s ENI; and Japan’s JGC Corp., according to the paper.

Halliburton has acknowledged in an earlier regulatory filing that it may have bribed Nigerian officials to secure favorable tax treatment for a liquefied-natural-gas facility.

“We are working with all officials and will, of course, continue to cooperate with the SEC to provide them with all the information they request,” Halliburton spokeswoman Cathy Mann told the paper.