HOUSTON – (August 17, 2017) – KBR, Inc. (NYSE: KBR) announced today it has been awarded pre-front end engineering design (FEED) and project support services contracts by BP for the development of the Tortue / Ahmeyim field offshore Mauritania and Senegal.
Under KBR's global services agreement with BP, KBR has won these new contracts to provide pre-FEED and project support covering design of the subsea, pre-treatment floating production storage and offloading (FPSO) facility, inshore hub/terminal, and interfaces for floating liquefied natural gas (FLNG) for the Tortue Project. This new work will build on the earlier concept phase work for the development of the field already completed by KBR's subsidiary Granherne for BP's partner, Kosmos.
"KBR is pleased to offer our world-class engineering design expertise to continue to support this significant project from its early stages and to help BP and its partners develop an LNG hub for Mauritania and Senegal," said Jay Ibrahim, KBR President, Europe, Middle East and Africa (EMEA). "This award confirms KBR's strategic commitment to and builds upon our ongoing relationship with BP for engineering services around the globe."
KBR's pre-FEED work is expected to be performed over the next six months, with KBR supporting BP in the Optimize Stage of the Tortue field development. The work will be executed from KBR's London office which has played a key role in multiple recent BP projects including the Glen Lyon FPSO and Shah Deniz Phase II projects.
Revenue from this contract is undisclosed and will be booked into backlog for KBR's Engineering & Construction business segment in Q3 of 2017.
About KBR, Inc.
KBR is a global provider of differentiated professional services and technologies across the asset and program life cycle within the Government Services and Hydrocarbons sectors. KBR employs over 34,000 people worldwide (including our joint ventures), with customers in more than 80 countries, and operations in 40 countries, across three synergistic global businesses:
- Government Services, serving government customers globally, including capabilities that cover the full life-cycle of defense, space, aviation and other government programs and missions from research and development, through systems engineering, test and evaluation, program management, to operations, maintenance, and field logistics
- Technology & Consulting, including proprietary technology focused on the monetization of hydrocarbons (especially natural gas and natural gas liquids) in ethylene and petrochemicals; ammonia, nitric acid and fertilizers; oil refining; gasification; oil and gas consulting; integrity management; naval architecture and proprietary hulls; and downstream consulting
- Engineering & Construction, including onshore oil and gas; LNG (liquefaction and regasification)/GTL; oil refining; petrochemicals; chemicals; fertilizers; differentiated EPC; maintenance services (Brown & Root Industrial Services); offshore oil and gas (shallow-water, deep-water, subsea); floating solutions (FPU, FPSO, FLNG & FSRU) and program management
KBR is proud to work with its customers across the globe to provide technology, value-added services, integrated EPC delivery and long term operations and maintenance services to ensure consistent 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, 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.
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