KBR Awarded Proprietary Module Contract for the First Hydro-PRT® Modular Plant

Rhea-AI Summary

KBR (NYSE: KBR) has secured a contract with Hyundai Engineering Company to provide proprietary equipment for a modular plastics recycling plant utilizing its Hydro-PRT technology. This facility will be located at LG Chem's Chronos Project in South Korea, with a capacity of 20,000 tonnes per annum. The contract follows KBR's prior licensing of Hydro-PRT technology to LG Chem. KBR's President, Doug Kelly, emphasized the advantages of their modular solution in achieving ESG objectives. Hydro-PRT technology is recognized for its efficiency in converting waste plastics into raw materials, contributing to full plastics circularity and offering significant environmental benefits.

Positive

• Contract signed with Hyundai Engineering for a modular plastics recycling plant.
• Capacity of 20,000 tonnes per annum enhances KBR's market position.
• Hydro-PRT technology recognized for superior resource use and environmental benefits.

Negative

• None.

HOUSTON, March 2, 2023 /PRNewswire/ -- KBR (NYSE: KBR) announced today that it has signed a contract with Hyundai Engineering Company (HEC) Ltd to supply proprietary equipment for the first modular plant for its leading advanced plastics recycling technology Hydro-PRT®.  The plant will be installed at LG Chem's Chronos Project in Dangjin, South Korea.

Under the terms of the contract, KBR will supply its proprietary modular solution to HEC for a 20,000 tonnes per annum plastics recycling unit planned for the Chronos project.  This award follows LG Chem's licensing of KBR's Hydro-PRT technology last year.

"We are honored that LG Chem has selected our modular solution for the Hydro-PRT unit at Dangjin," said Doug Kelly, KBR President, Technology. "Our proprietary modularization solutions deliver inherent cost, scalability, schedule, and safety advantages and we look forward to a successful implementation to help LG Chem accelerate attainment of its ESG objectives."

KBR and Mura's Hydro-PRT process converts waste plastics into raw materials for new plastics, achieving total circularity.  A recent report published by the European Commission's Joint Research Centre shows this proprietary technology to be the best performing for resource use across mechanical, chemical and energy recovery processes and produced the highest yield of hydrocarbon products to displace virgin fossil equivalent.  As the global economy transitions away from traditional fossil fuels, Hydro-PRT delivers significant environmental benefits and enables our clients to achieve full plastics circularity.

KBR has been a leader in innovative, sustainable process technology development, commercialization, and plant design solutions for over 50 years.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 30,000 people performing diverse, complex and mission-critical roles in 34 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.

Visit www.kbr.com  

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 ongoing conflict between Russia and Ukraine and the related impacts on our business as we wind down our business operations in Russia; the potential adverse economic and market conditions, such as interest rate and currency exchange rate fluctuations, including as a result of pandemics such as COVID-19; the recent dislocation of the global energy market; the company's ability to manage its liquidity; 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; 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; the possibility of cyber and malware attacks; 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.

The company'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 the company has identified that may affect its business, results of operations and financial condition. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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SOURCE KBR, Inc.

FAQ

What contract did KBR sign on March 2, 2023?

KBR signed a contract with Hyundai Engineering Company to supply proprietary equipment for a modular plastics recycling plant using Hydro-PRT technology.

Where will KBR's new recycling plant be located?

The new recycling plant will be installed at LG Chem's Chronos Project in Dangjin, South Korea.

What is the capacity of the new modular plant contracted by KBR?

The new modular plant will have a capacity of 20,000 tonnes per annum.

What is Hydro-PRT technology?

Hydro-PRT technology is KBR's advanced process for converting waste plastics into raw materials, achieving total circularity.

Why is KBR's Hydro-PRT technology significant?

It is recognized as the best performing technology for resource use in recycling, offering significant environmental benefits.