Press Release

HOUSTON, Nov. 17, 2022 – KBR (NYSE: KBR) announced today that BP Exploration (Shah Deniz) Limited has awarded an optimization stage engineering services contract to SOCAR-KBR (SKLLC) for the Shah Deniz compression project in the Azerbaijan sector of the Caspian Sea. The project is in early pre-FID stage.

SOCAR-KBR is a joint venture of Azerbaijan’s state oil company, SOCAR, and KBR.

The Shah Deniz compression platform project will be the first in the Caspian region to feature crewless operations, delivering unprecedented process optimization through cutting-edge, high-end technology.

Under the contract, SOCAR-KBR will support optimization and provide class-3 engineering services. Scope also includes engineering to enable integration of the new platform to the existing system and provide shore power to reduce the carbon footprint in support of BP’s net-zero targets.

KBR recently completed the initial assessment for the flagship project using their proprietary KMIT (KBR Maintenance Information Tool) to provide detailed estimates of timing and resourcing of maintenance.

“We look forward to working with BP to achieve their goals of introducing novel, crewless operations to the region, while also lowering their carbon footprint, reducing operating costs, and eliminating personnel risks associated with such projects,” said Jay Ibrahim, president of KBR’s Sustainable Technology Solutions business. “KBR’s technical innovation is paving the way for clients to more easily navigate their energy transition journey toward net zero.”

KBR is a leader in energy transition and has extensive experience supporting sustainable energy projects across the globe. Read more about KBR’s approach to solving the energy trilemma on KBR.com.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 28,000 people performing diverse, complex and mission critical roles in 34 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 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 significant adverse impacts on economic and market conditions of the COVID-19 pandemic and the company’s ability to respond to the resulting challenges and business disruption; the recent dislocation of the global energy market; the company’s ability to manage its liquidity; 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; 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; the possibility of cyber and malware attacks; 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.

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 discuss some of the important risk factors that the company has identified that may affect its business, results of operations and financial condition. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

For further information, please contact:

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

Media
Philip Ivy
Vice President, Global Communications and Marketing
713-753-3800
MediaRelations@kbr.com