Houston, TX /PRNewswire/ - KBR, Inc. (NYSE: KBR) announced today that it has been awarded a contract by Saudi Aramco for KBR's market leading Supercritical Solvent Deasphalting (SDA) technology ROSE®.
Under the terms of the contract, KBR will provide a 3-product ROSE® technology license, basic engineering design, and proprietary equipment for Saudi Aramco's residue upgrading and clean fuels project at the Riyadh Refinery in Saudi Arabia. Our proven 3-product ROSE® scheme will be designed to meet Saudi Aramco's specific objectives for their project.
KBR's highly efficient ROSE® technology requires up to 60% less energy than other technologies and is designed for ease of operation, safety and high reliability. Leading KBR's line of environmentally friendly technologies, ROSE® is setting the industry standard for assisting refiners in complying with the new International Marine Organization (IMO) fuel regulations that take effect in 2020 (IMO2020).
"We are honored that Saudi Aramco has selected the ROSE® process for their clean fuels project at the Riyadh Refinery," said John Derbyshire, KBR President, Technology. "This award underscores our market leadership in residue upgrading solutions to help our clients address IMO2020 compliance challenges and improve the profitability of their refining assets."
As the market leader in SDA technology, KBR has licensed over 90% of the world's installed SDA capacity and continues to see a strong demand for the ROSE® technology globally.
About KBR, Inc.
KBR is a global provider of differentiated professional services and technologies across the asset and program lifecycle within the Government Services and Hydrocarbons sectors. KBR employs approximately 36,000 people worldwide (including our joint ventures), with customers in more than 75 countries, and operations in 40 countries, across three synergistic global businesses:
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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