KBR Awarded Contract to Support Nigeria's Future Energy Ambitions
KBR, Inc. (NYSE: KBR) has secured a contract to support Nigeria's first Floating Liquefied Natural Gas (FLNG) facility, aimed at fostering the country's economic growth and energy sustainability. Awarded by UTM Offshore Limited, KBR will act as Owner's Engineers, reviewing the Pre-Front End Engineering Design by JGC. This 1.2 million tonnes per annum facility represents a critical step in Nigeria's energy transition and gas monetization. KBR's extensive LNG experience will contribute to the project, aligning with UTM Offshore's decarbonization goals.
- KBR awarded a contract for Nigeria's first FLNG facility, enhancing its project portfolio.
- The project is expected to contribute to Nigeria's economic growth and energy sustainability.
- KBR's extensive LNG expertise supports successful project execution.
- Potential risks associated with COVID-19 impacting project timeline and execution.
- Economic uncertainties in the global energy market may affect project profitability.
HOUSTON, May 20, 2021 /PRNewswire/ -- KBR, Inc. (NYSE: KBR) has announced it will be supporting the development of Nigeria's first ever Floating Liquefied Natural Gas (FLNG) facility, enabling economic growth and sustainability of the country's future energy supplies.
The award, by UTM Offshore Limited, builds on over 40 years of KBR's continuous LNG experience and depth of FLNG capabilities. Acting as Owner's Engineers, KBR will be responsible for a multi-disciplined due diligence review of the Pre-Front End Engineering Design, being completed by Japanese engineering company JGC.
UTM Offshore is leading the development of the 1.2 million tonnes per annum FLNG facility in collaboration with LNG Investment Management Services, a subsidiary of Nigeria National Petroleum Corporation.
"Through our highly experienced team, rich history in LNG and clear focus on shaping sustainable solutions that support effective energy transition and carbon footprint reduction, we're excited by the opportunity to support UTM Offshore and the Nigerian National Petroleum Corporation to drive Nigeria's wider energy ambitions," said Jay Ibrahim, KBR President – Sustainable Technology Solutions.
As a lower carbon fuel and potential means to monetize flared gas, LNG is key in the progressive drive toward energy transition and a lower carbon future. This project will support the vision of UTM Offshore to contribute to decarbonization in Nigeria through gas monetization.
About KBR
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 29,000 people worldwide with customers in more than 80 countries and operations in 40 countries.
KBR is proud to work with its customers across the globe to provide technology, value-added services, and long- term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
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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 significant adverse impacts on economic and market conditions of the COVID-19 pandemic; the company's ability to respond to the challenges and business disruption presented by the COVID-19 pandemic; the recent dislocation of the global energy market; the company's ability to realize cost savings and efficiencies relating to the streamlining of its Energy Solutions business; the company's ability to manage its liquidity; the company's ability to continue to generate anticipated levels of revenue, profits and cash flow from operations during the COVID-19 pandemic and any resulting economic downturn; 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, including as a result of the COVID-19 pandemic; 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.
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