Press Release

Trade Release

HOUSTON (June 15, 2016)

KBR, Inc. (NYSE: KBR) announced today it has been awarded a Bankable Feasibility Study (BFS) contract by ECOWAS Refinery Liberia Limited (ERLL) for development of a 100kbbl/day refinery located in Buchanan, Liberia.

Under the terms of the contract, KBR will provide a market study, refinery configuration development and Environmental, Social and Health Impact Assessment (ESHIA) study. This work is expected to be performed over five months with KBR configuring the optimal refinery configuration and developing the financial model including capital and operational cost estimates supported by China Huanqiu Contracting and Engineering Corporation (HQC), a subsidiary of China National Petroleum Corporation (CNPC).Ê HQC are advising in tailoring the BFS product for potential future phase Chinese investment.

"KBR is delighted to be able to assist ERLL in the formative stages of this project bringing together the knowledge and capabilities of the One KBR approach," Jan Egil Braendeland, Executive Vice President of Global Sales said.

Chief Tony Izubundu Chinyere, Executive Vice Chairman & Founder of ERLL said: "This is an important milestone to progress the development of the refinery project for Liberia. With the engagement of KBR for the Bankable Feasibility Study, a solid basis for the project will be established."

Revenues associated with this contract, which were not disclosed, will be booked into backlog for the Technology & Consulting business segment in the second quarter of 2016.

About KBR, Inc.
KBR, Inc. is a global technology, engineering, procurement and construction company serving the hydrocarbons and government services industries, employing approximately 22,000 people worldwide with customers in more than 80 countries and operations in 40 countries across three distinct global businesses:Technology & Consulting, including proprietary technology in refining, ethylene, ammonia and fertilizers, and gasification; and niche consulting and know-how through subsidiaries Granherne, Energo and GVAEngineering & Construction, including Offshore Oil & Gas; Onshore Oil & Gas; LNG/GTL; Refining; Petrochemicals; Chemicals; differentiated EPC, and Industrial ServicesGovernment Services, including program management and long term annuity contracts

KBR is proud to work with its customers across the globe to provide technology, value-added consulting services, integrated EPC delivery and Long Term Industrial Services to ensure consistent project delivery with predictable results. At KBR, we deliver.

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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.

For further information, please contact:

Investors
Lynn Nazareth
Vice President, Investor Relations
713-753-8776
Investors@kbr.com

Media
Marit Babin
Director, Global Communications & Government Relations
713-753-3800
Mediarelations@kbr.com