KBR Awarded Design Contract for Large Heavy Lift Semisubmersible Vessel

Thomson Reuters ONEFebruary 4, 2014

FOR IMMEDIATE RELEASE
February 4, 2014

   

HOUSTON -- KBR (KBR) announced today it has been awarded a contract for the basic design development for Heerema Offshore Services` large new semisubmersible crane vessel (NSCV) through its subsidiary GVA. A member of KBR`s Hydrocarbons Business Group, GVA completed seven months of feasibility and conceptual studies on the NSCV in 2013. The basic design phase of the new vessel will cover the major part of 2014.

Expected revenue from the contract will be included in the 2013 fourth quarter backlog of unfilled orders for the Hydrocarbons segment.

"Heerema`s selection of GVA as a partner in their development of this new heavy lift vessel demonstrates confidence in GVA`s capability, experience and skills for such a challenging and strategically important project," said Roy Oelking, KBR Hydrocarbons Group President. "We see this as the start of a long-lasting partnership between Heerema and GVA, and are committed to supporting Heerema on future development projects."

Designed for operations worldwide, the self-propelled vessel will meet Heerema`s priority requirements for maximized transit speed. The vessel will be approximately 200 meters long by 97 meters wide and will have a lifting capacity of 2 x 10,000 metric tons.

Additionally, the NSCV hull configuration will feature a large deckbox on an eight-column structure mounted on two pontoons. The vessel design will meet the highest health and safety standards with minimal environmental impact during fabrication and operation, Oelking said.

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About GVA
GVA, a KBR company, is a world-leading marine and offshore engineering and technology company and a part of KBR`s Hydrocarbon Business Group. GVA has more than 40 years of experience in the design and construction of floating offshore units, where the key areas are drilling, production and accommodation units. More than 50 percent of all newly-built, semisubmersible production and accommodation units worldwide are designed by GVA. GVA`s headquarters and main operations are located in Gothenburg, Sweden, with subsidiary operations in Houston, as well as sales offices in Rio de Janeiro and Singapore.  For more information, visit www.gvac.se.

About KBR
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.

NOTE: 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 20, 2013, 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.

For more information contact:

Zac Nagle
Vice President,
Investor Relations and Communications
713-753-5082
Investors@kbr.com

Richard Goins
Director, Corporate Communications
713-751-9471
Mediarelations@kbr.com



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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

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