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KBR Receives Contract from Subsea 7

Zacks Equity Research

Recently, KBR Inc. (KBR) announced that it has received a contract from Subsea 7 SA (SUBCY) to provide topsides design for the Chevron Lianzi development project. The financial terms of the deal were not disclosed. KBR will manage the project work from its Houston operating center and its Luanda office in Angola.

The Chevron Lianzi development project is located offshore Republic of Congo and Republic of Angola. The scope of the contract involves laser scanning, Front end engineering and design (FEED) certification, overall handling of the engineering and procurement services, along with support in the manufacturing, installation, pre-commissioning and commissioning phases of the project.   

Headquartered in London, Subsea 7 is a seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide.

Recently, KBR inked an agreement with the State Oil Company of the Azerbaijan Republic (:SOCAR). The contract entails KBR to provide front-end engineering and design (FEED) services to the Gas Processing Plant (:GPP), located in the Oil-Gas Processing and Petrochemical Complex (:OGPC) in Azerbaijan.

The contract will be considered in KBR’s Hydrocarbon’s market, which primarily engages in engineering, procurement and construction services for large and complex upstream and downstream projects, including LNG and GTL facilities, onshore and offshore oil and gas production facilities, refining, petrochemicals, biofuels and other projects throughout the world. The technology segment revenue under the Hydrocarbon’s market grew 20% year over year.

KBR currently carries a Zacks Rank #3 (Hold). Other stocks worth a look in the services sector are AECOM Technology Corp (ACM) and Chicago Bridge & Iron (CBI), both carrying a Zacks Rank #2 (Buy).

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