KBR Awarded Project Management Contract for Sonangol's New Lobito Refinery Project

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Mar 14, 2024, 06:00 ET

HOUSTON, March 14, 2024 /PRNewswire/ -- KBR (NYSE: KBR) announced today it has been awarded a project management contract by Sonangol for the design and construction of a new 200,000bpd refinery in Lobito, Angola.

Under the terms of the contract, KBR will provide services encompassing the project management of engineering, procurement and construction phase execution. The Lobito Refinery Project is one of the most significant energy infrastructure projects in the region and will contribute to Angola's energy independence. The project will also contribute to significant job creation and economic development of this region. Upon completing the Lobito Refinery Project, Angola is expected to have a 200% increase in the capacity to produce fuel products within the country in an efficient and sustainably improved approach.

This award further extends the more than twenty-year long partnership between KBR and Sonangol in the development of essential natural resources in Angola. KBR completed the FEED phase of the project earlier in 2023, providing a cost competitive design that met Sonangol's business objectives while meeting the advanced emission standards required in the industry. In line with our strategy in energy transition to provide more environmentally friendly solutions, KBR's FEED design also meets 2030 African and European Product Specifications with river water consumption and waste-water treatment requirements reduced by 30% as a result of KBR's innovation in the refinery's cooling system design.

"We are excited to be a part of this important project and to continue to grow and maintain a substantial presence in the region," said Jay Ibrahim, President, Sustainable Technology Solutions. "This win is indicative of KBR's strategic commitment to offer differentiated technical services that support Angola's sustainable development goals."

For more than 100 years, KBR has provided holistic and value-added solutions across the entire asset life cycle. Our leading experts have helped design and deliver world-class refinery and petrochemical plants across the globe.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 34,000 people worldwide with customers in more than 80 countries and operations in over 30 countries.

KBR is proud to work with its customers across the globe to provide technology, value-added services, and long-term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

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Forward Looking Statements

The statements in this press release that are not historical statements, including statements regarding performance of the Sonangol contract, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks, uncertainties and assumptions, 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, uncertainties and assumptions include, but are not limited to, those set forth in the company'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, which discuss some of the important risks, uncertainties and assumptions that the company has identified that may affect its business, results of operations and financial condition. Due to such risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

SOURCE KBR, Inc.