KBR Awarded Major Engineering Design Contract By Hyundai Heavy Industries Co., Limited For The Al-Nasr Full Field Development
Houston, TX (GLOBE NEWSWIRE) - KBR, Inc. (NYSE:KBR) announced today that it has received a letter of award from Hyundai Heavy Industries Co. Limited to perform engineering design services for the Abu Dhabi Marine Operating Company Al-Nasr Full Field Development project, located offshore Abu Dhabi.
Under the terms of the contract, KBR will provide engineering design and support services for the entire Al-Nasr Package 2 scope with the services provided by KBR's office in Singapore and supported by other KBR offices. The KBR Singapore office has more than 40 years of experience in providing engineering services for the offshore oil and gas industry worldwide.
The Al-Nasr Package 2 facilities consist of a multi-platform super complex that includes central processing facilities, accommodation, utilities, flares, bridges and power distribution. The Al-Nasr offshore oil field is located approximately 80 miles northwest of Abu Dhabi in the Arabian Gulf.
When completed, the super complex will produce an annual average production of 65,000 barrels of crude oil per day. ADMA-OPCO's other stakeholders in the Al-Nasr project are BP, Total and Japan Oil Development Company.
"This important award strengthens KBR's position as an industry leader in providing engineering services for offshore oil and gas processing facilities - and reflects our ongoing commitment to deliver for our customers and industry partners," said Stuart Bradie, KBR President and Chief Executive Officer. "KBR is excited to be working alongside HHI and ADMA-OPCO, two companies with which we have developed excellent business relationships."
Expected revenue from the contract will be included in the third quarter 2014 backlog of unfilled orders for the Hydrocarbons segment. The contract value was not disclosed
KBR is a global engineering, construction and services company supporting the energy, hydrocarbons, power, industrial, civil infrastructure, minerals, government services and commercial markets. For more information, visit www.kbr.com.
Forward Looking Statement
The statements in this press release that are not historical statements, including statements regarding future financial performance and backlog information, 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/A, 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.