KBR JV Announces Significant step in First Digitally Enabled Offshore Platform Project

Rhea-AI Summary

KBR announced that its joint venture with SOCAR is nearing completion of the engineering design phase for the Azeri Central East (ACE) offshore platform. This project utilizes KBR's advanced Digital Twin technology, enhancing project execution by allowing real-time access to project data from anywhere. This technology streamlines operations and makes them more efficient, enabling remote management of tasks. The project is part of KBR's digital transformation initiative in the Caspian Region, with local engineers in Baku supported by a team from London.

Positive

• Completion of the engineering design phase enhances project timelines.
• Utilization of Digital Twin technology improves operational efficiency and safety.
• Strengthens KBR's position in digital transformation within the energy sector.

Negative

• None.

HOUSTON, Nov. 11, 2020 /PRNewswire/ -- KBR (NYSE: KBR) announced today that its joint venture with SOCAR, who is undertaking the engineering design phase of the Azeri Central East (ACE) platform, is now nearing completion.

The ACE platform is the first of its kind to be designed through all phases, from concept to FEED and detailed design, to fully utilize KBR's Digital Twin technology. The benefits of the Digital Twin continue to be utilized as the ACE platform moves into fabrication and commissioning, which is being undertaken by the client in Azerbaijan.

Digital Twin technology creates a platform for SOCAR-KBR and our clients and partners to access all project information from anywhere in the world through all phases of execution. This technology allows users to view procurement status and materials availability, thus enabling 3D, 4D and 5D planning through its reliance on data maturity, resulting in improved performance and reliability.

In the operation phase, the client can leverage the SOCAR-KBR developed Digital Twin to safely and efficiently perform tasks remotely including site surveys, isolation design, and work sign off, moving traditional offshore activities onshore while delivering real time operational performance data through the digital representation of the physical asset. 

"SOCAR-KBR is proud to take part in this important project utilizing the Digital Twin. Our team is leading the way in the journey to digitally transform energy projects in Caspian Region and this project is an important steppingstone in our modernization and transformation initiative," said Yashar Latifov, SOCAR Vice President for Field Developments and Chairman of SOCAR-KBR.

"This is an exciting project that demonstrates KBR's world class digital capabilities. Our Digital Twin technology allows our client to execute all steps of the project in a safer and more sustainable way and we're proud to deliver these benefits," added Jay Ibrahim, President, Technology Solutions and board member of SOCAR-KBR.

This project is being executed by SOCAR-KBR in Baku where local engineers are delivering various projects with support from a KBR engineering and data management team located in London.

About KBR

KBR is a global provider of differentiated professional services and solutions across the asset and program life cycle within the government and technology sectors. KBR employs approximately 28,000 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.

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 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.

FAQ

What is KBR's recent announcement regarding the ACE platform?

KBR announced that its joint venture with SOCAR is nearing completion of the engineering design phase for the Azeri Central East (ACE) platform.

How does KBR's Digital Twin technology benefit the ACE project?

The Digital Twin technology enhances project execution by providing real-time access to project data and enabling remote management of tasks.

Where is the ACE platform project being executed?

The ACE platform project is being executed in Baku, Azerbaijan.

What role does KBR play in the SOCAR joint venture?

KBR is providing engineering support and leveraging its Digital Twin technology in the SOCAR-KBR joint venture.

When was the press release about KBR's ACE platform issued?

The press release was issued on November 11, 2020.