HOUSTON, May 19, 2020 /PRNewswire/ -- KBR (NYSE: KBR) announced today that it has signed a joint venture (JV) agreement with NIPIneftegas JSC to establish a new engineering and support services company, KBR-NIPILLP, in Kazakhstan.
With support from KBR and NIPIneftegas, the JV will provide engineering, procurement, design and related services for projects across the upstream, midstream and downstream oil and gas sectors, within the Republic of Kazakhstan. The company will also prepare technical requirements for all stages of a project, including project management, contract supervision, planning and cost control.
Additionally, the JV will train and develop the local Kazakh workforce while managing construction contractors and subcontractors throughout all stages of a project.
"KBR is proud to continue its successful history in Kazakhstan and the wider Caspian region," said Jay Ibrahim, KBR President, Energy Solutions. "This joint venture represents KBR's ability to bring consistent and valuable training and educational programs to the region. We look forward to mobilizing our expertise, innovative systems and low-cost energy solutions to support our clients' success on their new projects in Kazakhstan."
"We are confident that this strong JV will help to realize our ambition to create a world class Kazakhstan -based engineering company," added Igor Gershtanskiy, General Director of NIPIneftegas.
KBR has worked on various projects in Kazakhstan since 1993 at its peak, KBR employed nearly 200 Kazakh specialists on various projects.
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 37,000 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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SOURCE KBR, Inc.