HOUSTON, TX / ACCESSWIRE / March 26, 2014 / KBR (NYSE: KBR) announced today that it has been awarded an onshore liquefied natural gas portfolio contract by Shell Global Solutions International B.V.
Under this agreement, KBR will develop pre-front end engineering and design (pre-FEED) and FEED for Shell's worldwide LNG projects with an opportunity to continue as the lead party in consortia for projects in the execution phase.
As part of this award, KBR and Shell will enter a long-term collaboration in an integrated office established in KBR's London Greenford Operating Center, taking advantage of KBR's prior execution experience with Shell and other LNG projects.
"Winning this contract further demonstrates KBR's position as one of the world's leaders in the development and construction of LNG plants and the continuation of KBR's long relationship with Shell," said Ivor Harrington, KBR Gas Monetization Group President.
This agreement expands on a 35-year relationship with Shell in LNG.
Initial revenues from the contract will be included in the second quarter 2014 backlog for the Gas Monetization segment, with further revenue included as work is released. The initial and potential future contract values were 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 Halliburton Company; 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 Annual Report on Form 10-K dated February 27, 2014, Form 10-Q for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013, recent Current Reports on Forms 8-K, 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.
Investor Relations and Communications
Director, Corporate Communications
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SOURCE: KBR, Inc.
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