Halliburton Co. (NYSE: HAL) reported Tuesday that its product service line Sperry Drilling has secured a $40 million two-year contract, plus options, with ConocoPhillips China Inc., according to Associated Press.
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Under the contract, Sperry Drilling will provide directional-drilling and logging-while-drilling services on the Peng Lai Development in China's Bohai Bay, with work beginning immediately.
ConocoPhillips China Inc. is the Chinese subsidiary of ConocoPhillips (NYSE: COP).
Shares of Halliburton rose 93 cents, or 3 percent, to $30.97 in afternoon trading.
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