KBR Finalizes Partnerships with Bernhard Capital Partners
(Thomson Reuters ONE) -
HOUSTON - October 9, 2015 - KBR announced today that on September 30, 2015 it
finalized two previously announced partnerships with Bernhard Capital Partners
(BCP).
One partnership is the equally owned and managed company, Brown & Root
Industrial Services, under which all of KBR's U.S. and Canadian industrial
services and on-call construction is now operating.
Under the other partnership, all of KBR's Canadian pipe fabrication business has
become Falcon Fabricators and Modular Builders, a subsidiary of EPIC Piping, a
BCP portfolio company in which KBR is a minority limited partner. This
partnership will enhance KBR's delivery performance providing access to all of
EPIC's world class pipe fabrication facilities in Louisiana & Texas.
"With this announcement, KBR has achieved another milestone in our
implementation of the strategic plan we announced last year to transform our
business," said Stuart Bradie, KBR President and CEO. "These partnerships
further streamline our business so that we can continue to deliver for our
customers."
KBR received approximately $32 million in net cash proceeds from the two
transactions.
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
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#1957761]
Unternehmensinformation / Kurzprofil:
Datum: 09.10.2015 - 14:00 Uhr
Sprache: Deutsch
News-ID 425997
Anzahl Zeichen: 5956
contact information:
Town:
HOUSTON
Kategorie:
Business News
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