Houston, TX /PRNewswire/ - KBR (NYSE: KBR) announced today that, following a Final Investment Decision from Methanex, approval has been given to begin work on the detailed Engineering, Procurement and Construction (EPC) phase of Methanex's Geismar 3 methanol project. KBR was awarded a reimbursable Front End Engineering Design (FEED) with EPC option contract for the project in July 2018.
After successfully completing the FEED phase, KBR will continue to work closely with Methanex to provide reimbursable EPC services for a third methanol operating plant located adjacent to Methanex's two existing Geismar, Louisiana facilities.
EPC work for the 1.8 million tonne per year world-scale methanol plant – which will be executed from KBR's Houston Operations Center and at the project site – is expected to be completed in the second half of 2022.
"We are delighted to continue our work with Methanex and to once again demonstrate our unmatched ability to execute large-scale, complex projects," said Stuart Bradie, KBR President and CEO. "We look forward to successfully and safely completing this world class methanol facility that will produce a product that is an essential ingredient used to produce hundreds of everyday industrial and consumer items and is also a clean-burning, cost-competitive alternative fuel."
KBR is a proven industry leader on integrated engineering, procurement and construction management offerings, from the front end engineering, through project completion. For more than 40 years, KBR has designed, constructed and maintained hundreds of petrochemical plants across the globe.
About KBR, Inc.
KBR is a global provider of differentiated professional services and technologies across the asset and program lifecycle within the Government Solutions and Energy sectors. KBR employs approximately 38,000 people worldwide (including our joint ventures), with customers in more than 80 countries, and operations in 40 countries, across three synergistic global businesses:
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.
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 U.S. 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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