SOURCE: Kellogg Brown & Root LLC

Kellogg Brown & Root LLC

November 07, 2016 16:30 ET

KBR Joint Venture Awarded Another Program Management Contract in Azerbaijan

HOUSTON, TX--(Marketwired - November 07, 2016) - KBR, Inc. (NYSE: KBR) announced today that its joint venture with SOCAR was awarded a second program management consultancy contract for the Azerikimya Production Union of the State Oil Company of Azerbaijan.

This award marks the second award to the joint venture, SOCAR-KBR Limited Liability Company (SOCAR-KBR LLC), since its inception in mid-2015. SOCAR-KBR LLC was formed to help further Azerbaijan's ambition for creating a world-class Azerbaijan based engineering company. SOCAR-KBR LLC will build upon KBR's more than 20 years of project experience in Azerbaijan to perform program management services from its established offices in Baku for the Azerikimya modernization project.

Addressing the audience at the contract signing ceremony, Rovnag Abdullayev, SOCAR's President, said, "The modernization project will make it possible to increase the production facilities at Azerikimya, ensure the supply of raw materials to polyethylene and polypropylene production installations and to meet the demand in the country. It will also increase the country's export potential, enhance the security of the technological process and the quality of raw materials and finished products."

"SOCAR-KBR LLC, combines KBR's extensive experience in the oil and gas sector with SOCAR's strong vision and leadership in the region to perform the program management role for this key project for Azerikimya," said Jan Egil Braendeland, SOCAR KBR LLC Board Member and KBR Executive Vice President of Global Sales. "We have passionate and talented Azerbaijani and international team members who are dedicated to Azerbaijan and our partner SOCAR and I am confident SOCAR KBR LLC will deliver successfully on this project and others in region," Braendeland continued.

The value of the contract is undisclosed and will be booked into the backlog of unfilled orders for KBR's Engineering & Construction business segment in Q4 of 2016.

About KBR, Inc.

KBR is a global provider of differentiated professional services and technologies across the asset and program life cycle within the Hydrocarbons and Government Services Sectors. KBR employs over 31,000 people worldwide, 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.

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.

Contact Information

  • For further information, please contact:

    Investors

    Lynn Nazareth
    Vice President, Investor Relations
    713-753-5082
    Investors@kbr.com

    Media

    Marit Babin Stout
    Director, Global Communications & Government Relations
    713-753-3800
    Mediarelations@kbr.com