KBR Awarded Saudi Aramco Offshore Project Management Services Contract
GlobeNewswire
HOUSTON - March 16, 2015 - KBR, Inc. (KBR) announced today that it has been awarded a project management contract by Saudi Aramco to provide project management services for Saudi Aramco`s offshore program.
Under the terms of this six-year contract, KBR will provide project management and engineering services for existing and new offshore facilities to maintain and increase crude production levels to meet Saudi Aramco`s maximum sustained capability for production under the company`s capital program. KBR`s Saudi joint venture company, KBR-AMCDE, will undertake all in-kingdom work scopes while KBR`s Houston and London operations centers will execute all out-of-kingdom scopes. Additionally, KBR-AMCDE will develop an in-kingdom center of engineering excellence to develop and train Saudi engineers.
"This is a significant milestone in our relationship with Saudi Aramco in the offshore arena and complements our existing work in Kingdom on the Jazan PMC and GES+ contracts," said Stuart Bradie, KBR President and CEO. "We look forward to helping Saudi Aramco achieve its goal to develop an in-kingdom center of offshore engineering excellence and to maintain their production of oil and gas."
KBR has had a strong presence in the Middle East for decades, working on several major petrochemical projects in Saudi Arabia, including providing Saudi Aramco with front end engineering and design and project management services for the Jazan Refinery, the Yanbu Refinery and the Shaybah NGL program.
Expected revenue from the contract will be included in the first quarter of 2015 backlog for KBR`s Engineering and Construction segment.
About KBR, Inc. KBR, Inc. is a global technology, engineering, procurement and construction company serving the hydrocarbons and government services industries, employing around 27,000 people worldwide with customers in more than 70 countries and operations in 40 countries across three distinct global businesses:
Technology & Consulting, including proprietary technology in refining, ethylene, ammonia and fertilizers, and gasification; and niche consulting and know-how through Granherne/Energo and GVA;
Engineering & Construction, including Upstream Oil & Gas; LNG/GTL; Downstream Petrochemicals and Chemicals; and differentiated EPC; and,
Government Services, including program management and long term annuity contracts.
KBR is proud to work with its customers across the globe to provide technology, value-added consulting services and integrated EPC skills to ensure a consistent project delivery with predictable results. At KBR, we deliver.
Forward Looking Statement The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company`s control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; the scope and enforceability of the company`s indemnities from its former parent; changes in capital spending by the company`s customers; the company`s ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company`s ability to control its cost under its contracts; claims negotiations and contract disputes with the company`s customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.
KBR`s most recently filed Annual Report on Form 10-K/A, any subsequent Form 10-Qs and 8-Ks, and other Securities and Exchange Commission filings discuss some of the important risk factors that KBR has identified that may affect the business, results of operations and financial condition. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
For further information, please contact: Investors Zac Nagle Vice President, Investor Relations 713-753-5082 Investors@kbr.com
Media Marit Babin Director, Global Communications & Government Relations 713-753-3800 Mediarelations@kbr.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: KBR, Inc. via GlobeNewswire HUG#1903590
