HOUSTON, April 30, 2018 /PRNewswire/ -- KBR, Inc. (NYSE: KBR)
announced today that it has been awarded a contract by Saudi Arabian Oil Company (Saudi Aramco) and SABIC as the second Project
Management Contractor (PMC) to provide Pre-Front End Engineering Design (Pre-FEED), Front End Engineering Design (FEED) and
Program Management Services to develop the world's largest fully integrated Crude Oil to Chemicals (COTC) complex. The project,
which will be located in the Kingdom of Saudi Arabia, will be executed from KBR's Houston, Al-Khobar and Chennai offices and is expected to continue through
to the start-up of the facility in 2025.
The COTC complex will be based on advanced refining technologies, innovative process configurations and proven conversion
technologies that will create a fully integrated petrochemical complex which maximizes chemicals, further diversifying the
petrochemical feedstock mix in the Kingdom.
"We understand the strategic importance of the long term investment that Saudi Aramco and SABIC are undertaking in this
project and the pivotal role that KBR will have in the overall success of this important program," said Stuart Bradie, KBR President and CEO. "We are excited to have the opportunity to continue our proud legacy in
the Kingdom of Saudi Arabia to deliver such 'giga-projects'."
"Given the rapidly changing economic environment we are faced with today, it has never been more important to create
meaningful jobs for the growing Saudi population," said Jay Ibrahim, President of KBR Europe,
Middle East, Africa and Asia-Pacific. "Through this contract, we will continue our commitment to meeting the objectives of both the
In Kingdom local content and Vision 2030 programs."
This award reinforces KBR's position as a market leader in the hydrocarbons industry with a long track record of delivering
across all phases of refining and petrochemical mega-projects.
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 approximately 34,000 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 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, 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 U.S. 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.