KBR Finalizes Partnerships with Bernhard Capital Partners
October 09 2015 - 8:00AM
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@kbr.com
Media
Marit Babin
Director, Global Communications & Government
Relations
713-753-3800
Mediarelations@kbr.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: KBR, Inc. via Globenewswire
HUG#1957761
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