HOUSTON, April 19, 2018 /PRNewswire/ -- KBR, Inc. (NYSE:
KBR) announced today, following Carillion's recent insolvency, it
has completed the acquisition of Carillion's interests in Aspire
Defence.
Through the Aspire Defence joint venture KBR has supported the
UK Ministry of Defence (MOD) on Project Allenby Connaught since
2006, under one of the largest infrastructure Private Finance
Initiatives in the UK. Aspire provides high quality design,
construction and base support services to the British Army for
living and working accommodations.
KBR assumed operational control of the Aspire Defence joint
ventures following Carillion's insolvency announcement in January –
including the hiring of affected Carillion staff – and has
maintained normal business operations without disruption to the
delivery of services or performance.
"This acquisition and our commitment to maintain the stability
of the project strengthens KBR's long-standing relationship with
the UK MOD as a core client," said Stuart
Bradie, KBR President and CEO. "KBR has spent more than 12
years delivering this program to re-house soldiers into fit for
purpose accommodation and working facilities."
"We look forward to continuing to provide market-leading
construction and long-term maintenance services in support of the
Army Basing Programme within the Project Allenby Connaught
footprint and to provide base support services across Salisbury
Plain and Aldershot garrisons," Bradie continued. "This
project underpins our long term relationship with the MOD whether
at the home base, providing deployed operational support or acting
as an integrator of complex defense equipment and systems."
With more than 22 years remaining on the Aspire contract this
acquisition provides KBR with enduring, stable and profitable
backlog. The impact to KBR's earnings and cash flows has
already been included in 2018 Guidance issued on February 23, 2018.
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
approximately 34,000 people worldwide (including our joint
ventures), with customers in more than 75 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.
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SOURCE KBR, Inc.