Oil services company Halliburton, posted a second-quarter loss of nearly half a billion dollars today after taking a one-time charge of $391 million to cover future asbestos claims.
Halliburton's shares have come under heavy pressure this year as a result of concerns about the company's asbestos liabilities and a probe by US regulators into the company's accounting for cost overruns on construction projects.
Halliburton and US Vice President Mr Dick Cheney, who led the company from 1995 to 2000, were recently sued by the Judicial Watch group which alleged that the company overstated its revenues by as much as $445 million over three years.
Halliburton and the White House dismissed the suit as without merit.
The company had already warned investors on Monday that it would take a "substantial" charge to cover future asbestos liabilities. In the past it has only recorded liabilities for claims that have already been filed.
The company also warned on Monday that it would post more than $200 million in additional one-time charges and losses.
Halliburton said it had estimated its net liability for future insurance claims at $602 million, after deduction of $1.6 billion it expects to recover from its insurance companies.