KBR Awarded Honeywell Master Service Agreement Extension

HOUSTON, May 26, 2020 /PRNewswire/ -- KBR (NYSE: KBR) announced today it was awarded a five-year extension of its Honeywell Master Services Agreement (MSA) for professional services in metrology, global property management and quality assurance.

The amendment extends the original contract, which was awarded in 2016, by four base years and one option year. It is a hybrid cost-plus-fixed-fee, time and materials, and firm-fixed-price contract.

KBR will provide four main professional services: program management; metrology calibration and repair; quality-assurance first article inspections and field quality engineering; and property accountability and compliance. These services will benefit Honeywell's Aerospace and Defense production sites daily operations.

"This extension strengthens our important and strategic partnership with Honeywell," said Byron Bright, KBR President, Government Solutions U.S. "KBR will continue to deliver innovative solutions and reliable expertise to assist Honeywell in meeting its clients' needs."

KBR ensures mission success for customers on land, at sea, in the air, in space and in cyberspace. The company drives innovation by combining engineering, technical and scientific expertise with its full life cycle capabilities, mission knowledge and future-focused technologies. Known for excelling in complex and extreme environments, KBR is trusted to overcome the nation's most pressing challenges. KBR is engineering solutions for the needs of today and tomorrow, safely and efficiently.

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 37,000 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,
        subsea); 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

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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SOURCE KBR, Inc.