KBR announced today that its subsidiary, GVA Consultants (GVA-C) has appointed Holger Eriksson as managing director and Peter Larsson as business development director for the company.
KBR today announced that its wholly-owned subsidiary, Granherne, Inc., has been awarded a three-year engineering services contract by Petrobras America, a subsidiary of Petrobras (NYSE: PBR/PBRA).
KBR today announced that it has been awarded a contract by PetroSA to conduct the pre-feasibility study to build a USD 6 billion crude oil refinery in Coega, Port Elizabeth.
KBR announced today that it has been awarded a $225 million (CAD) dollar contract for construction and fabrication of a gasification unit by Lurgi AG, an Air Liquide subsidiary, and a leading international company operating in the field of process engineering and plant contracting. Lurgi is the engineering, procurement and construction contractor to North West Upgrading. KBR's scope of work will include the fabrication of nearly 100 modules and will peak at approximately 400 personnel performing field construction and module service work on this 30-month project.
KBR today announced that it has successfully met all contractual obligations related to the Lanzhou ethylene plant in China. This facility in the Gansu Province of the People's Republic of China is owned and operated by the PetroChina Lanzhou Petrochemical Company with a total ethylene capacity of 600,000 ton/year.
KBR today announced that its subsidiary, Granherne, along with joint venture partner WorleyParsons Select, has been awarded the topsides and substructures concept and definition study for the Browse LNG Development's "Browse to Burrup" option.
KBR today announced that its joint venture, TSKJ Nigeria Ltd., has received the "Outstanding Contractor of the Year" award. The award was presented at the annual Nigerian Gas Awards event, sponsored by the National Conference on Gas Development and Utilization in Nigeria. This is the second consecutive win for TSKJ Nigeria Ltd. The KBR joint venture is leading construction of the Nigeria LNG Train Six project.
KBR today announced the election of General Lester Lyles, USAF (ret.) as a member of the KBR Board.
KBR announced today that income from continuing operations was $60 million, or $0.35 per diluted share, compared to a loss from continuing operations of $8 million or $0.06 per diluted share, in the third quarter of 2006. Net income was $63 million, or $0.37 per diluted share, in the third quarter of 2007, which included income from discontinued operations of $3 million, or $0.02 per diluted share, primarily due to post-closing activities related to previously disposed businesses. This compares to net income for the third quarter of 2006 of $7 million, or $0.05 per diluted share, which included income from discontinued operations of $15 million, or $0.11 per diluted share, primarily related to the operations of Devonport Management Limited ("DML").
KBR today announced that the consortium of which it is part of with Carillion and Aspire Defence Limited, has successfully completed the first major milestone in the Ministry of Defence's (MoD's) GBP 8 billion (US$13.9 billion) Allenby/Connaught contract. This project, which is the largest Defence Estates Private Finance Initiative (PFI) ever let by MoD, will provide British Army barracks in Aldershot and across the garrisons of Salisbury Plan in the UK. The barracks unveiled today will provide high-quality, purpose-built living and working accommodations for hundreds of military personnel.
KBR today announced that its subsidiary, Granherne, has been awarded the Ozona feasibility contract by Marathon Oil Company, a subsidiary of Marathon Oil Corporation (NYSE: MRO). Granherne will examine methods for subsea tieback of the Ozona discovery in Garden Banks block 515, Gulf of Mexico. The Ozona discovery, in 3,280 feet of water, was announced by Marathon in 2002. The feasibility work will be conducted at Granherne's offices in Houston.
KBR today announced that its Upstream business unit has been selected to provide Front End Engineering Design (FEED) support on the West Mediterranean Concession Deepwater Development. The $10 million contract was awarded by the North Alamein Petroleum Company (NALPETCO). The FEED services are for the development of gas and condensate reserves located in two fields in deep water in the Mediterranean Sea, approximately 50 miles northwest of Alexandria, Egypt.
KBR today held its first shareholder meeting in Houston. This was KBR's first meeting since becoming an independent, stand-alone company in April.
KBR today announced the creation of three new business units; Technology, Downstream and Services. Today's announcement follows the recent appointments of John Rose as President, Upstream and Bruce Stanski as President Government and Infrastructure. The creation of these business units, in addition to the previously announced Upstream and Government and Infrastructure units, provides an organizational framework which best aligns KBR's operations organization with the company's current and mid-term market opportunities. This new structure is designed to fully maximize the opportunities ahead of KBR in the coming years.
KBR announced today that income from continuing operations was $50 million, or $0.30 per diluted share, compared to income from continuing operations of $4 million or $0.03 per diluted share, in the second quarter of 2006. Net income was $140 million, or $0.83 per diluted share, in the second quarter of 2007, which included income from discontinued operations of $90 million, or $0.53 per diluted share, primarily related to operations from and gain on the sale of KBR's 51% ownership interest in Devonport Management Limited ("DML"). This compares to net income for the second quarter of 2006 of $92 million, or $0.68 per diluted share, which included income from discontinued operations of $88 million, or $0.65 per diluted share, related to the Production Services Group and the operations of DML.
KBR today announced two significant organizational changes. John Rose has been promoted to President, Upstream and Bruce Stanski has been promoted to President of KBR's Government and Infrastructure (G & I) business segment. These changes are the company's first steps towards better aligning KBR's operations organization to current and mid-term market opportunities. This new structure, which is expected to be completed over the next several weeks, is designed to fully maximize the opportunities ahead of KBR in the coming years.
KBR today announced that its subsidiary, M.W. Kellogg Limited (MWKL), has been awarded the detail engineering contract by Statoil on behalf of Gassco and Gassled. MWKL will be responsible for the upgrading and development of the Statoil gas treatment facility at Karsto located north of Stavanger, Norway. Karsto is a hub for gas production to 30 large and small fields in the North Sea and the Norwegian Sea. The contract has a value of approximately USD $175 million.
KBR today announced that its subsidiary, MW Kellogg Limited (MWKL), has been awarded a contract to provide a Basic Engineering Design (BED) package for an ammonia plant revamp. The ex Kemira-Growhow plant is currently being re-located from Rotterdam in the Netherlands to Pakistan by Fatima Fertilizer Co. Ltd. and will form part of a new fertilizer complex to be owned and operated by Fatima at Sadiqabad.
KBR today announced it has been awarded the engineering, procurement and construction (EPC) contract for the Sonatrach Skikda LNG project, to be constructed at Skikda, Algeria. The contract has an approximate value of USD 2.8 billion.
KBR today announced it has completed the sale of its interest in Devonport Management Limited (DML) to Babcock International Group plc. KBR's ownership in DML was 51%. The gross proceeds of the sale to KBR are approximately $350 million, resulting in an estimated gain of $93 million.
KBR today announced that its Government & Infrastructure (G&I) segment has been selected as one of the executing contractors of the U.S. Army's Logistics Civil Augmentation Program (LOGCAP) IV contract. Under this competitively awarded contract, KBR will continue to serve as one of three logistics support providers to U.S. forces deployed in the Middle East. Terms of the transition from LOGCAP III to LOGCAP IV and the start date of the contract are forthcoming.
KBR announced today the founding of KBR Nigeria Ltd. in Lagos, Nigeria. The establishment of KBR Nigeria Ltd. will enable KBR to more fully support its Nigerian customers and further its commitment to meeting the country's goals for increased local content.
KBR today announced it has been selected by the U.S. Naval Facilities Engineering Command to compete for future task orders under the Anti-Terrorism Force Protection (ATFP) Ashore program contract vehicle. KBR will be part of a Lockheed Martin-led team. Three other companies were also selected to compete for tasks throughout the contract period. KBR will be providing the full range of design-build services for facilities infrastructure to the Lockheed Martin team.
KBR today announced it has been awarded two contracts by Abu Dhabi National Oil Company (ADNOC) affiliates Abu Dhabi Gas Industries Limited (GASCO) and Abu Dhabi Marine Operating Company (ADMA-OPCO) to provide program management for the onshore and offshore portions respectively of the integrated gas development Project located near Abu Dhabi, United Arab Emirates. These services will be provided through KBR's Leatherhead and Houston offices for the onshore and offshore packages respectively. The contract has an approximate value of $30 million and a client overall program cost of $5 billion.
KBR today announced that its Management and Engineering unit has been selected to provide program and construction management (PM/CM) services for the new Panama City-Bay County International Airport in Panama City, Florida. The scope of work will include the relocation and construction of a new $330 million airport. The new airport is scheduled to open in late 2009.
KBR today announced it has been awarded contracts to provide field construction and module fabrication services by Shell Canada for the Scotford Upgrader Expansion east of Edmonton, Alberta, Canada. KBR's scope of work will include the fabrication of 160 modules and will peak at approximately 800 personnel performing field construction and module services work.
KBR along with fellow shareholders the Weir Group and Balfour Beatty, today announced that they have agreed to sell their interests in Devonport Management Limited (DML) to Babcock International Group plc for total proceeds of GBP 350 million. KBR's ownership in DML is 51%. The transaction is expected to close within 60 days, subject to customary closing conditions including Babcock shareholder approval. DML, through its subsidiary Devonport Royal Dockyard, is the primary dockyard performing refueling and related maintenance for the UK's nuclear submarine fleet.
KBR announced today that income from continuing operations was $30 million, or $0.18 per diluted share, compared to income from continuing operations of $20 million, or $0.15 per diluted share, in the first quarter of 2006. Net income was $28 million, or $0.17 per diluted share, in the first quarter of 2007, which included a loss from discontinued operations of $2 million, or $0.01 per diluted share, related to settlement of matters from the second quarter 2006 sale of Production Services Group. This compares to net income for the first quarter of 2006 of $26 million, or $0.19 per diluted share, which included income from discontinued operations of $6 million, or $0.04 per diluted share, related to the Production Services Group.
KBR along with joint venture partners, JGC, Technip and Snamprogetti, recently executed a contract with Nigeria LNG Limited (NLNG) for the preparation of project specifications and front end engineering and design (FEED) for a two 8.5 million metric tons per annum LNG plant expansion by Nigeria LNG termed the "NLNGSevenPlus" Project. The Project is to be constructed at Bonny Island, Nigeria. NLNG Limited is a Company registered in Nigeria whose shareholders are the Nigerian National Petroleum Corporation (NNPC), Shell, Total and ENI.
KBR today announced the appointment of Frank Blount as a member of the KBR Board.
KBR will host a conference call on Friday, May 4, 2007, to discuss first quarter financial results. The call will begin at 10:00 AM Central Time (11:00 AM Eastern Time).
KBR today announced its separation from Halliburton. KBR has been a subsidiary of the oil services company for the past 44 years. Today's announcement marks the end of a separation process that began in 2005.
Halliburton Company today announced that it has commenced an offer to Halliburton's stockholders for the exchange of some or all of their shares of Halliburton common stock for shares of KBR, Inc. common stock held by Halliburton. The exchange offer will expire at 12:00 midnight, New York City time, on March 29, 2007 unless extended or terminated.
Halliburton Company today announced that its board of directors has approved a plan under which Halliburton will dispose of its remaining interest in KBR, Inc. through a split-off exchange offer to Halliburton's stockholders. Under the anticipated terms, Halliburton will offer the 135,627,000 shares of KBR common stock that it owns to Halliburton's stockholders in exchange for shares of Halliburton common stock at an exchange ratio to be determined by a specified formula. If the exchange offer is completed but not fully subscribed, Halliburton will distribute to its stockholders by means of a special dividend, on a pro rata basis, any remaining shares of KBR common stock.
KBR, the engineering, construction and services subsidiary of Halliburton, has been awarded a basic design engineering package for a new production facility with a nominal propylene capacity of 200,000 ton/year utilizing SUPERFLEX(SM) technology. This unit will be added to an existing industrial site in Jilin City, Jilin Province of the People's Republic of China, and will be owned and operated by the Jilin Chemical (JiHua) Group Corporation, a wholly owned subsidiary of China National Petroleum Corporation (CNPC). China Petroleum Engineering Company, Northeast Branch Company will perform the detailed engineering.
KBR, the engineering, construction and services subsidiary of Halliburton today announced it has reached an agreement with Korea's SK Corporation regarding the development, commercialization, marketing and licensing of a new technology for olefins production, named Advanced Catalytic Olefin (ACO) Process. The ACO Process uses a proprietary process concept and catalyst developed by SK Corporation that gives higher overall olefins yields compared to conventional steam crackers, with an ethylene to propylene ratio of approximately one. Plans are under way to install the ACO process in an existing olefins plant at an SK site, with KBR providing the design package.
KBR announced today that both income from continuing operations and net income in the fourth quarter of 2006 were $43 million, or $0.28 per diluted share. This compares to income from continuing operations of $48 million, or $0.35 per diluted share, in the fourth quarter of 2005. Net income for the fourth quarter of 2005 of $56 million, or $0.41 per diluted share, included income from discontinued operations of $8 million, or $0.06 per diluted share, related to the Production Services Group, which was sold in the second quarter of 2006.