KBR Awarded Major PMC Services Contract by ADNOC for Ghasha
HOUSTON, Feb. 3, 2020 /PRNewswire/ -- KBR (NYSE: KBR) announced today it has been awarded a major Project Management Consultancy (PMC) services contract by Abu Dhabi National Oil Company (ADNOC) for the Ghasha Concession portfolio of projects.
Under the terms of the contract, KBR will act as the main PMC contractor responsible for managing the successful Engineering, Procurement and Construction (EPC) contractors for Packages A & B of the Dalma Gas Development Project, Packages 1-5 of the Hail & Ghasha Development Project, Hail & Ghasha Islands Project as well as the Deep Gas Project. This work is expected to be performed over four years with an optional extension for two more years.
The Ghasha mega-project has the potential to meet about 20 percent of the UAE's gas demand by around the second half of the decade. In addition, more than 120,000 barrels per day of oil and high-value condensates are expected to be produced when the project is on stream.
"We deeply appreciate the tremendous amount of trust that ADNOC has placed in KBR to project-manage such a significant share of this strategic Ghasha Concession program," said Stuart Bradie, KBR President and CEO. "This award highlights ADNOC's confidence in KBR's reputation as the industry leader in the provision of value-added PMC services for similar mega gas-field development projects."
"We look forward to continuing our long-term relationship with ADNOC and to demonstrating once again our world class ability to manage large-scale, complex projects such as this on time, within budget, but most of all with a strict safety culture," Bradie continued. "We are confident that the Ghasha Concession Project will significantly boost In-Country Value. As always, KBR remains fully committed to act as one of ADNOC's strategic partners to achieve the targeted In-Country Value objectives."
About KBR, Inc.
KBR is a global provider of differentiated professional services and technologies across the asset and program lifecycle within the Government Solutions and Energy sectors. KBR employs approximately 38,000 people worldwide (including our joint ventures), with customers in more than 80 countries, and operations in 40 countries, across three synergistic global businesses:
KBR is proud to work with its customers across the globe to provide technology, value-added services, integrated EPC delivery and long term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
Forward Looking Statement
The statements in this press release that are not historical statements, including statements regarding future financial performance, 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, any subsequent Form 10-Qs and 8-Ks, and other U.S. 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.
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SOURCE KBR, Inc.