US oil services firm Halliburton has reported a half a billion dollar loss due to the threat of future asbestos claims.

The firm, which was led by US Vice President Dick Cheney between 1995 and 2000, has become the centre of media speculation since announcing it is being investigated by the US financial regulator.

The Dallas-based firm reported a net loss of $498m during April, May and June, compared to a profit of $382m a year earlier.

Its accounts were weighed down by a $391m charge taken to cover future asbestos claims.

Since 1976, the firm has settled or disposed of more than 200,000 out of the 500,000 or so asbestos claims filed against it.

More lawsuits

The Securities and Exchange Commission is currently investigating Halliburton's accounting practices.

Alleged wrongdoings happened when Mr Cheney was at the helm, raising the profile of the investigation.

The firm is also being sued by Judicial Watch group which alleges that the firm overstated its profits.

Halliburton and the White House have dismissed the lawsuit.