KBR, Inc.: KBR Awarded FEED Contract for the Upgrade of the Jebel Ali Refinery
in the Jebel Ali Free Zone, Dubai
HOUSTON -- March 27, 2014 -- KBR (NYSE: KBR) announced today that it has been
awarded a front-end engineering design (FEED) contract byEmirates National
Oil Company Processing Company LLC (EPCL) for the upgrade of its condensate
refinery at Jebel Ali.
Expected revenue from the contract was included in the first quarter 2014
backlog of unfilled orders for the Hydrocarbons segment. The contract value
was not disclosed.
Currently, the facility owned by Emirates National Oil Company (ENOC) has two
trains of condensate distillation units. The upgrade will add new processing
units (jet and diesel hydrotreaters and isomerization unit) and will lead to
production of several Euro V grade products such as high octane gasoline, low
sulfur jet fuel and ultra-low sulfur diesel.
KBR's work on this facility is consistent with the growing trend of refinery
upgrades across the Middle East in an effort to meet the rising domestic fuel
demands and more stringent product specifications, according to the Middle
East business intelligence site, MEED.com.
"Supporting EPCL's commitment to the downstream market is critically
important," said Roy Oelking, KBR Hydrocarbons Business Group President, who
noted that the contract will be executed by KBR's London Operating Center.
"As a longtime partner with EPCL, we appreciate both the importance and the
impact this project will have in enabling EPCL to achieve its business
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
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
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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the content, accuracy and originality of the information contained therein.
Source: KBR, Inc. via Globenewswire
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