Press Release

Houston – September 23, 2019 -- KBR (NYSE: KBR) and Argus announced today that they have been awarded a contract to conduct a feasibility study on hydrogen imports and downstream applications for Singapore. The project was commissioned by the National Climate Change Secretariat (NCCS), Strategy Group, in the Prime Minister’s Office in Singapore, in conjunction with the Singapore Economic Development Board and Energy Market Authority.

One of the key objectives of the study is to assess the feasibility of hydrogen for long-term cost-competitive emissions reduction in Singapore. KBR and Argus will conduct market and technical studies covering potential sources of hydrogen imports to Singapore based on availability, cost, technical feasibility and supply security up to 2050. Hydrogen generation may include fossil fuel-based production methods in the short term and new, low-carbon or green forms of generation in the long term.

Argus’ expertise in energy markets and large-scale energy transitions will be used to quantify the potential for a switchover from conventional, fossil fuel technologies to the hydrogen alternative. Competition from newer technologies, such as battery electric vehicles and solar photovoltaics, will also be reviewed. The detailed analysis will inform Singapore’s policy makers about the most balanced approach to decarbonizing the economy across the different sectors.

KBR will run a series of workshops and consultation sessions with key stakeholders that are critical to the deployment of imported hydrogen in Singapore, including representatives from the hydrogen supply, manufacturing, power generation and transport sectors. KBR will also recommend research, development and deployment (RD&D) investment opportunities for Singapore to develop a competitive hydrogen economy in the long term.

“We are delighted to be part of this strategic project supporting a prestigious partner to explore the potential of using hydrogen as a sustainable source of energy for Asia Pacific,” said Jay Ibrahim, KBR President, Energy Solutions – Services. “The work will be undertaken by KBR Consulting, where our strategic master-planning capability resides to help customers improve their sustainability, energy efficiency and maximize asset performance.”

Argus Media Chairman and Chief Executive Adrian Binks said: “We are delighted to be working with KBR on this interesting and important project. Argus’ consulting team is well placed to research and advise on the possibility of extending hydrogen use in Singapore.”

KBR applies its extensive knowledge of energy markets and its proprietary tools to offer sound insight into the viability, technical feasibility, economic, climate and environmental benefits of a project as well as the potential opportunities and challenges. Customers trust KBR to provide the data and analysis necessary to mitigate risks and meet objectives.

KBR is leading the industry to meet the world’s ever-growing energy and chemicals demands. From an expanding portfolio of greener, cleaner solutions to its comprehensive feasibility study solutions, KBR is supporting the world’s transition to a clean energy future.

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:

• Government Solutions, serving government customers globally, including capabilities that cover the full lifecycle 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 Solutions, featuring proprietary technology, equipment, catalysts, digital solutions and related technical services for the monetization of hydrocarbons, including refining, petrochemicals, ammonia and specialty chemicals, as well as inorganics
• Energy Solutions, 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, sub-sea); floating solutions (FPU, FPSO, FLNG & FSRU); program management and consulting services

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

About Argus Media

Argus is an independent global commodity information provider with almost 1,000 staff. It is headquartered in London and has 23 offices in the world’s principal commodity trading and production centres. Argus’ Singapore office opened in 1985 and now employs more than 100 staff.

As well as bespoke consulting services, Argus produces price assessments and analysis of international energy, fertilizer, petrochemical and metals markets and industry-leading conferences.

Companies in 140 countries around the world use Argus data to index physical trade and as benchmarks in financial derivative markets as well as for analysis and planning purposes.

Argus was founded in 1970 and is a privately held UK-registered company. It is owned by employee shareholders and global growth equity firm General Atlantic. ARGUS, the ARGUS logo, ARGUS MEDIA, ARGUS DIRECT, ARGUS OPEN MARKETS, AOM, FMB, DEWITT, JIM JORDAN & ASSOCIATES, JJ&A, FUNDALYTICS, METAL-PAGES, METALPRICES.COM, INTEGER, Argus publication titles and Argus index names are trademarks of Argus Media Limited.

Visit www.argusmedia.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 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.

For further information, please contact:

Investors - KBR
Alison Vasquez
Vice President, Investor Relations
713-753-5082
Investors@kbr.com

Media - KBR
Brenna Hapes
External Global Communications
713-753-3800
Mediarelations@kbr.com

Media - Argus
London: Seana Lanigan
+44 20 7780 4200
Email Seana

Singapore: Tomoko Hashimoto
+65 6496 9960
Email Tomoko