HOUSTON, July 24, 2015 (GLOBE NEWSWIRE) — KBR, Inc. (NYSE:KBR) announced today that it has received an award associated with the Fort Hills Oil Sands Mining Project. KBR won a reimbursable contract to provide construction services at the facility located 90 kilometers north of Fort McMurray, Alberta.
KBR’s scope includes onsite construction management and direct hire field construction services at the Fort Hills Secondary Extraction facility. This scope, which was awarded by SK E&C subsidiary Sunlake, follows KBR’s contract to perform a detailed constructability study for the project.
“We look forward to working closely with SK E&C in support of the critical Fort Hills Project,” said Stuart Bradie, KBR President and CEO. “This is an important win with a key client and is indicative of KBR’s strategic commitment to maintaining a significant direct hire offering in Canada.”
The contract value was not disclosed. Expected revenue from the contract will be included in KBR’s second quarter 2015 backlog of unfilled orders for the Engineering and Construction segment. Work on the projects has commenced and will be executed over the next 18 months, with completion expected in the first quarter of 2017.
About KBR, Inc.
KBR, Inc. is a global technology, engineering, procurement and construction company serving the hydrocarbons and government services industries, employing approximately 25,000 people worldwide with customers in more than 70 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, including program management and long term annuity contracts
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.
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Vice President, Investor Relations
Director, Global Communications & Government Relations