KBR Selected as Technical Advisor for SK Hydrogen Development Project

Rhea-AI Summary

KBR has secured a contract with SK E&S to provide technical advisory solutions for its hydrogen development business in South Korea. The project involves building a 30,000 metric-ton-per-annum liquefied hydrogen facility, with KBR reviewing key licensor technologies in the initial phase. This contract aligns with KBR's commitment to sustainable energy solutions and reflects its expertise in the hydrogen sector. KBR's involvement supports SK's vision of expanding its hydrogen ecosystem, positioning both companies at the forefront of the emerging eco-friendly energy market.

Positive

• Awarded contract for technical advisory in hydrogen development.
• Support for building a significant hydrogen facility (30,000 metric tons per annum).
• KBR's expertise in hydrogen and sustainable technology enhances its market position.
• Alignment with sustainable growth initiatives in the energy sector.

Negative

• None.

HOUSTON, Jan. 19, 2021 /PRNewswire/ -- KBR, Inc. (NYSE: KBR) announced today it has been awarded a contract to provide technical advisory solutions to SK E&S for its hydrogen development business in South Korea. SK Group announced late last year that it would invest in assets that will provide hydrogen as a next-generation eco-friendly energy source.    

Under the terms of the contract, KBR will provide technical solutions to support SK's plan to build a 30,000 metric-ton-per-annum liquefied hydrogen facility and supply liquefied hydrogen to various metropolitan areas in South Korea. The initial phase of the project includes KBR reviewing key licensor technologies.

"We are delighted to be part of this strategic project and to support SK's philosophy of sustainable growth in the hydrogen sector," said Jay Ibrahim, KBR President, Technology Solutions. "This contract award aligns with KBR's strategic decision to provide differentiated and sustainable solutions to our customers. As a premier provider of technologies, value added design and project integration capability, KBR will leverage its hydrogen and cryogenic domain expertise to support SK in this critical phase of the project."

For many years, KBR has been an industry leader in energy transition, offering proprietary sustainable technologies and professional services to clients to support decarbonization. KBR has been actively involved in the hydrogen value chain as a technology provider, an advisor and provider of differentiated project delivery solutions. KBR has licensed over 260 syngas projects involving hydrogen production and has completed a large number of projects involving gas compression and cryogenic handling and storage.  

About SK E&S

SK E&S, based in Seoul, South Korea, is an affiliate of SK Group, one of the country's top three industrial conglomerates with over $140 billion in annual global revenue and more than 100,000 employees worldwide. SK E&S has completed projects across the LNG value chain from upstream to downstream and has secured the largest city gas market share in the nation. The company is also engaging in district heating and cooling, gas-fueled electricity generation, LNG import, and renewable energy, as well as the energy solutions business. SK E&S plans to actively participate in the hydrogen business which is the core of ESG investment and is drawing attention as a next-generation energy. The company also plays a key role in the SK Hydrogen Business Development Center. It plans to become a major global eco-friendly energy company that encompasses hydrogen renewable energy solutions by expanding its business to all areas of hydrogen ecosystems, including production, distribution, and sales of hydrogen based on deep experiences from its LNG value chain.

For more information on SK E&S, visit http://www.skens.com/.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. 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 contract did KBR announce on January 19, 2021?

KBR announced a contract to provide technical advisory solutions to SK E&S for its hydrogen development business in South Korea.

What is the capacity of the hydrogen facility that KBR will support?

KBR will support the construction of a 30,000 metric-ton-per-annum liquefied hydrogen facility.

Why is KBR's contract with SK E&S significant?

The contract is significant as it aligns with KBR's strategic focus on providing sustainable energy solutions and enhances its role in the hydrogen sector.

What expertise does KBR bring to the hydrogen project for SK E&S?

KBR brings expertise in hydrogen and cryogenic technologies, supporting the project's initial phase by reviewing key licensor technologies.