Press Release

HOUSTON, March 20, 2019 /PRNewswire/ -- KBR, Inc. (NYSE: KBR) announced today the sail-away of the Johan Sverdrup Utilities and Living Quarter (ULQ) Platform for Equinor (formerly Statoil) in the North Sea.

In 2015, KBR in a joint venture with Kvaerner (K2JV), signed an EPC contract with Equinor for the complete delivery of Utilities and Living Quarters platform topsides in the Johan Sverdrup field development in the Norwegian continental shelf. This is one of the largest ULQ platforms in the world and will also serve as the field center for the Johan Sverdrup development.

KBR's London Office, supported by its Jakarta office and Kvaerner, led the detailed engineering, design and procurement scope for the utility module upon signing the contract with Equinor. The accommodation module was subcontracted as an EPC lump sum subcontract to Apply Leirvik. 

The complete topside was assembled at Kvaerner Stord with KBR providing engineering and procurement support during the construction and mechanical completion phase through its team collocated at Kvaerner Stord. KBR was also actively engaged in providing onshore commissioning assistance to Equinor to meet its ambitious targets of onshore commissioning and early habitat of the platform offshore.

"I am proud that KBR, working as a joint venture with Kvaerner, has contributed to this ground breaking field development for Equinor,"  said Stuart Bradie, KBR CEO and  President. "To have safely completed this project to such high standards of quality, on time and in budget is a testament to the highly skilled teams at KBR, Kvaerner, Leirvik and Equinor that worked collaboratively through-out the project execution." 

About KBR, Inc.

KBR is a global provider of differentiated professional services and technologies across the asset and program lifecycle within the Government Services and Hydrocarbons sectors. KBR employs approximately 36,000 people worldwide (including our joint ventures), with customers in more than 75 countries, and operations in 40 countries, across three synergistic global businesses:

• Government Services, serving government customers globally, including capabilities that cover the full lifecycle 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, 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 and gasification
• Hydrocarbons Services, 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); program management and consulting services

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
Visit www.kbr.com

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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SOURCE KBR, Inc.

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Investors
Alison Vasquez
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Media
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