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| Friday, 7 November 2014, 04:20 HKT/SGT | |
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Source: KBR, Inc. | |
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Houston, TX, Nov 7, 2014 - (ACN Newswire) - KBR, Inc. (NYSE: KBR) announced today that it has been awarded a front-end engineering design (FEED) contract by Saudi Basic Industries Corporation (SABIC) for the debottlenecking and expansion of its Petrokemya Butadiene Extraction Plant in Al Jubail, Saudi Arabia.
Arabian Petrochemical Company (Petrokemya), a wholly-owned affiliate of SABIC, is one of the largest manufacturing sites in Al Jubail. The site has an installed capacity of approximately 5.15 million metric tons per year of petrochemicals including olefins, PVC/VCM, polystyrene and polyethylene plants in addition to utilities and steam generation.
The butadiene extraction plant was built in 1993 with a capacity of 123 kilotons per year. Petrokemya plans to significantly expand the capacity of the plant. This expansion is part of Petrokemya and SABIC's vision and strategic business plan with a view of growing market demands in the downstream petrochemical market.
"KBR is delighted to further strengthen our more than 20-year relationship with SABIC and our commitment to the Kingdom of Saudi Arabia through this strategic project," said Stuart Bradie, KBR's President and Chief Executive Officer. "This contract award for the Petrokemya Butadiene Debottleneck Project demonstrates KBR's world-class petrochemical execution and delivery capabilities within the Kingdom of Saudi Arabia."
Expected revenue from the contract was included in the third quarter 2014 backlog of unfilled orders for the Hydrocarbons segment. The contract value was not disclosed.
About KBR
KBR is a global engineering, construction and services company supporting the energy, hydrocarbons, chemicals, 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.
Contact:
Investors
Zac Nagle
Vice President, Investor Relations
+1-713-753-5082
Investors@kbr.com
Media
Richard Goins
Director, Communications
+1-713-751-9471
Mediarelations@kbr.com
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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: KBR, Inc. via Globenewswire
Topic: Press release summary
Source: KBR, Inc.
http://www.acnnewswire.com
From the Asia Corporate News Network
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