Halliburton Offers To Tighten Belts

US oilfield service company Halliburton is cutting jobs and reducing employee benefits at its subsidiary Kellogg Brown & Root.
The cutbacks come as KBR admitted in a letter to staff that it had lost "several major bids" in the Europe/Africa region worth more than $1 billion in the past two years and that "competitors are significantly outperforming KBR".

However, KBR could face legal problems in its efforts to cut costs at its UK division, which employs 3,000 people. KBR has told them that, if they decline to accept new employment contracts, they will have their employment terminated but will not be entitled to redundancy payments.