HOUSTON, TX--(Marketwired - October 10, 2016) - KBR, Inc. (NYSE: KBR) announced today the award of a high level feasibility study which includes exploring the possible expansion of the Singapore LNG Corporation Pte Ltd's (SLNG) existing LNG terminal on Jurong Island in Singapore.
SLNG was formed by Singapore's Energy Market Authority (EMA) to develop, build, own and operate Singapore's first LNG Terminal. This is KBR's first contract with SLNG.
Under the terms of the contract, KBR will provide feasible conceptual solutions for SLNG's consideration and create a design option that could be scalable in the long run. This work is expected to be performed over five months, with KBR performing the feasibility study through an integrated core team comprising of LNG expertise from KBR's London and Singapore offices, its Granherne subsidiary and the SLNG's development team.
"Singapore's first LNG Terminal in Jurong Island is a strategic and critical national infrastructure. Together with SLNG, KBR is excited to help advance the growth of the energy market and LNG hub in Singapore and support SLNG's vision of being a world-class terminal operator," said Greg Conlon, KBR President, Asia Pacific.
"KBR is pleased to be awarded this important project and we look forward to working with SLNG to meet the future gas needs for Singapore. This strategic win allows KBR to demonstrate our capabilities and develop a long term working relationship with SLNG on future projects. The project also exhibits KBR's ability to offer integrated solutions through a collaborative execution model to our customers in Asia Pacific by bringing together our global knowledge, experiences and expertise," Conlon continued.
For more than 40 years, KBR has led the concept development, study, design and construction of over forty-five percent of the world's LNG facilities. KBR has participated in nearly 50 LNG terminal projects covering all project phases including feasibility studies, basic design, FEED and engineering, procurement and construction (EPC) execution.
Revenue associated with this project was undisclosed and will be booked into backlog of unfilled orders for KBR's Engineering & Construction Business Segment in Q3 2016.
About KBR, Inc.
KBR, Inc. is a global technology, engineering, procurement and construction company serving the hydrocarbons and government services industries, employing approximately 25,800 people worldwide with customers in more than 80 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 subsidiaries Granherne, Energo and GVA
- Engineering & Construction, including Offshore Oil & Gas; Onshore Oil & Gas; LNG/GTL; Refining; Petrochemicals; Chemicals; differentiated EPC, and Industrial Services
- Government Services, incorporating KBRwyle, includes capabilities that span the full spectrum of government mission requirements including research and development, testing, engineering, logistics, deployed operations, and life-cycle sustainment.
KBR is proud to work with its customers across the globe to provide technology, value-added consulting services, integrated EPC delivery and Long Term Industrial Services to ensure 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, 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.