HOUSTON, Aug. 9, 2017 /PRNewswire/ -- KBR, Inc.
(NYSE: KBR) has entered into a Memorandum of Understanding (MoU)
with Saudi Aramco to expand and develop KBR's services for Saudi
Aramco in line with the Kingdom of Saudi
Arabia's (KSA) localization objectives.
The MoU and initiative is in line with Saudi Aramco's In-Kingdom
Total Value Add (IKTVA) initiative that aims to double the
percentage of locally produced energy-related goods and services to
70 percent of the total spent by 2021.
The MoU also seeks to encourage Saudi Aramco's in-Kingdom and
worldwide partners across the supply chain to maintain their
commitment to invest in the Kingdom and leverage the huge
opportunities for growth of businesses, resources and utilize the
available local skills.
"This agreement demonstrates KBR's dedication to meeting and
exceeding localization objectives and supporting the Kingdom in
developing human capital within engineering and project
management," said Stuart Bradie, KBR
President and CEO. "The Kingdom of Saudi
Arabia remains a key market for KBR's global energy and
hydrocarbons business and we are committed to implementing our
lessons learned from successful localization initiatives in other
geographies and replicating those successes in-Kingdom."
KBR has partnered with clients around the world to create
successful local training programs, while employing qualified local
nationals on projects. KBR continues to expand upon these efforts
in the Kingdom. For example, KBR provided engineering,
design, project management, operations and maintenance services for
the Sadara project in Jubail, the largest petrochemical complex
ever built in a single phase. This project alone created thousands
of jobs for both Saudi and U.S. engineers, project managers, and
other employees.
"Partnership is in KBR's DNA and we are proud of our long track
record of partnership with Saudi Aramco in training and employing
local resources. Our legacy of job creation for locals
in-Kingdom, including using local fabrication and suppliers on our
projects, helps Saudi citizens build sustainable employment, not
just for one project but throughout their life and careers –
bringing added value to local projects and the national economy,"
Bradie added.
"We look forward to strengthening our commitment to Saudi Aramco
and furthering our long-standing relationship with the Kingdom as
we continue to pursue new opportunities," continued Bradie.
About KBR, Inc.
KBR is a global provider of differentiated professional services
and technologies across the asset and program life cycle within the
Government Services and Hydrocarbons sectors. KBR employs over
34,000 people worldwide (including our joint ventures), with
customers in more than 80 countries, and operations in 40
countries, across three synergistic global businesses:
- Government Services, serving government customers globally,
including capabilities that cover the full life-cycle of defense,
space, aviation and other government programs and missions from
research and development, through systems engineering, test and
evaluation, program management, to operations, maintenance, and
field logistics
- Technology & Consulting, including proprietary technology
focused on the monetization of hydrocarbons (especially natural gas
and natural gas liquids) in ethylene and petrochemicals; ammonia,
nitric acid and fertilizers; oil refining; gasification; oil and
gas consulting; integrity management; naval architecture and
proprietary hulls; and downstream consulting
- Engineering & Construction, including onshore oil and gas;
LNG (liquefaction and regasification)/GTL; oil refining;
petrochemicals; chemicals; fertilizers; differentiated EPC;
maintenance services (Brown & Root Industrial Services);
offshore oil and gas (shallow-water, deep-water, subsea); floating
solutions (FPU, FPSO, FLNG & FSRU) and program management
KBR is proud to work with its customers across the globe to
provide technology, value-added services, integrated EPC delivery
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
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.
View original content with
multimedia:http://www.prnewswire.com/news-releases/kbr-signs-agreement-with-saudi-aramco-to-expand-in--kingdom-localization-efforts-300501586.html
SOURCE KBR, Inc.