KBR Forms Global Alliance with Subsea 7 to Deliver Concept and FEED services
(Thomson Reuters ONE) -
HOUSTON - July 16, 2015 - KBR and its wholly owned subsidiary Granherne
announced today that they have signed an agreement to form an alliance with
Subsea 7 to deliver Concept and Front End Engineering and Design (FEED) services
to the global offshore oil and gas industry.
The alliance is a co-operation agreement between the companies where Granherne
will support Subsea 7 on concept and FEED studies and Subsea 7 will support
Granherne with subsea engineering and technology. The alliance will operate on a
global basis using the existing resources of these two market-leading companies.
KBR's and Granherne's expertise in field development planning, concept
evaluation and FEED will complement Subsea 7's subsea project management and
engineering experience and the application of technology and know-how to enable
improved cost-benefit evaluation for clients. The alliance will be able to
engage early with clients to provide them with the most cost-effective solutions
during the important concept evaluation phase of a project.
The alliance provides the opportunity for KBR and Subsea 7 to collaborate in the
execution phase of offshore projects. The combined experience and capabilities
has the potential to deliver the full scope of any project. The decision to
collaborate will be on a project-by-project basis and will be based on a clear
and differentiated value proposition to the client.
Stuart Bradie, KBR President and CEO, said: "This alliance combines the
complementary skill-sets and know-how of two leading offshore contractors
working together to ensure a greater contribution at the early stage of
projects. Together, both companies can ensure that offshore oil and gas
development becomes more economic and we look forward to continuing our already
strong working partnership with Subsea 7."
Jean Cahuzac, Subsea 7 Chief Executive Officer, said: "This alliance will drive
improvements in the offshore market with two leading independent companies
working together to deliver greater value for clients worldwide. I look forward
to strengthening our relationship with KBR through this alliance which provides
the opportunity for early engagement in the project lifecycle when value
creation can be optimised and where we can introduce enabling subsea
technologies and know-how at the critical concept evaluation stage. This is key
to assisting the offshore oil and gas industry to adapt to the lower oil price
environment."
About KBR, Inc.
KBR, Inc. is a global technology, engineering, procurement and construction
company serving the hydrocarbons and government services industries, employing
approximately 25,000 people worldwide with customers in more than 70 countries
and operations in 40 countries across three distinct global businesses:
* Technology & Consulting, including proprietary technology in refining,
ethylene, ammonia and fertilizers, and gasification; and niche consulting
and know-how through subsidiaries Granherne, Energo and GVA
* Engineering & Construction, including Offshore Oil & Gas; Onshore Oil & Gas;
LNG/GTL; Refining; Petrochemicals; Chemicals; differentiated EPC, and
Industrial Services
* Government Services, including program management and long term annuity
contracts
KBR is proud to work with its customers across the globe to provide technology,
value-added consulting services, integrated EPC delivery and Long Term
Industrial Services to ensure consistent project delivery with predictable
results. At KBR, we deliver.
Visit www.kbr.com
About Subsea 7
Subsea 7 S.A. is a leading global contractor in seabed-to-surface engineering,
construction and services to the offshore energy industry. It provides technical
solutions to enable the delivery of complex projects in all water depths and
challenging environments.
Visit www.subsea7.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 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 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.
For further information, please contact:
Investors
Zac Nagle
Vice President, Investor Relations
713-753-5082
Investors(at)kbr.com
Media
Marit Babin
Director, Global Communications & Government Relations
713-753-3800
Mediarelations(at)kbr.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: KBR, Inc. via GlobeNewswire
[HUG#1939198]
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