KBR Announces Separation from Halliburton and Appointment of New Board Members
April 05 2007 - 6:15PM
Business Wire
KBR (NYSE:KBR) today announced its separation from Halliburton
(NYSE:HAL). KBR has been a subsidiary of the oil services company
for the past 44 years. Today�s announcement marks the end of a
separation process that began in 2005. �This is a significant
milestone in KBR�s history and now it is time to move forward and
chart our own course as a stand alone engineering, construction and
government services company, while continuing to provide the
quality service and products that our customers have come to expect
from KBR,� said William P. Utt, President and Chief Executive
Officer of KBR. �Moving forward KBR will remain focused on its core
mission: to safely deliver any project, any time, in any
environment for the benefit of our customers, shareholders,
employees and the communities we serve.� KBR, which is
headquartered in Houston, employs just over 50,000 people around
the world. The company serves customers through its Energy and
Chemicals (E&C) and Government and Infrastructure (G&I)
business units. The E&C segment designs and constructs energy
and petrochemical projects, including large, technically complex
projects in remote locations around the world. KBR�s G&I
segment delivers on-demand engineering, program, construction
management and maintenance services across the full military
mission cycle. �KBR will now clearly focus 100% of our activities
toward helping our customers achieve success in their business
endeavors and missions around the world. We are excited to continue
to be a major player on large, international energy projects and
complex logistics services offerings, but also look forward to
reinvigorating KBR�s engineering, construction and industrial
services businesses within the U.S. market,� added Utt. For the
year ended December 31, 2006, KBR had total revenue of $9.6 billion
and income from continuing operations of $81 million. As of
December 31, 2006, KBR�s total backlog for continuing operations
was $13.5 billion, of which $5.7 billion, or 42%, was attributable
to KBR�s E&C segment and $7.8 billion, or 58%, was attributable
to KBR�s G&I segment. KBR also announced the appointment of two
new independent directors to fill two vacancies created by the
resignation of the Halliburton executive officers who had been
serving on the KBR Board prior to the separation. The newly
appointed directors are Mr. John R. Huff, Chairman of Oceaneering
International, Inc. and Chairman and CEO of Huff International, and
Mr. Loren K. Carroll, former President and CEO of M-I SWACO and
former Executive Vice President of Smith International, Inc. With
the addition of Huff and Carroll, KBR�s board is comprised of
entirely independent directors, with the exception of William P.
Utt, KBR President and Chief Executive Officer. A list of the
entire Board of Directors and brief biographies follows. William P.
Utt, KBR President and Chief Executive Officer Loren K. Carroll
Jeffrey E. Curtiss John R. Huff Richard J. Slater William P. Utt is
KBR�s President and Chief Executive Officer. He was appointed to
his current position in March 2006 and became a member of KBR�s
Board of Directors in September 2006. Utt is the former President
and Chief Executive Officer of SUEZ Energy North America, a company
that develops and sells energy products and services, where he had
responsibility for the liquified natural gas (LNG), retail energy,
energy marketing, trading, power generation and development
businesses from 2000 until he joined KBR. Loren K. Carroll is
currently an independent consultant and an advisor to Smith
International, Inc. From March 1994 until April 2006, he served as
President and Chief Executive Officer of M-I SWACO and Executive
Vice-President of Smith International, Inc., a worldwide supplier
of drilling fluids and related equipment and services to the Oil
and Gas Industry. Carroll is currently a director of Smith
International, Inc., Fleetwood Enterprises, Inc., Forest Oil
Corporation and Veritas DGC, Inc. Jeffrey E. Curtiss is a private
investor. From January 2000 to June 2006, he served as the Senior
Vice President and Chief Financial Officer of Service Corporation
International, a provider of funeral, cremation and cemetery
services. From January 1992 to July 1999, Curtiss was the Senior
Vice President and Chief Financial Officer of Browning-Ferris
Industries (BFI), Inc., a waste services company. John R. Huff is
currently Chairman of Oceaneering International, Inc. and Chairman
and CEO of Huff International. Mr. Huff joined Oceaneering in 1986
as President and CEO and was elected Chairman in August 1990. He
founded Huff International in 2007 and is also a director of Rowan
Companies, BJ Services Company and Suncor Energy, Inc. Richard J.
Slater currently serves as non-executive chairman of Bluebeam
Software Inc., as an independent director of Reliance Steel &
Aluminum Co. and as trustee and member of the executive committee
of the board of trustees of Claremont Graduate University.
Beginning in 1980, he served in various executive positions with
Jacobs Engineering Group Inc., most recently as Executive Vice
President, Operations (1998 to 2002) and consultant to the Chief
Executive Officer (2003 to 2006); he retired in October 2006. KBR
is the largest U.S.-based international contractor according to
Engineering News-Record based on fiscal 2005 construction revenue
from projects outside a company�s home country. Engineering
News-Record also ranks KBR as the fourth largest U.S.-based
contractor overall and the fifth largest U.S.-based contractor in
the industrial process and petroleum market based on fiscal 2005
construction revenue. KBR is a leader in many of the markets that
it serves, particularly gas monetization, having designed and
constructed, alone or with joint venture partners, more than half
of the world�s operating LNG production capacity over the past 30
years. In addition, KBR is the world�s largest defense services
contractor and one of the 10 largest defense contractors in the
U.S., according to a Defense News ranking based on fiscal 2005
revenue.
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