KBR Awarded Conceptual Study Contract for Floating Blue Ammonia Production by Samsung Heavy Industries

Rhea-AI Summary

KBR (NYSE: KBR) has been awarded a conceptual study contract for floating blue ammonia production by Samsung Heavy Industries (SHI), a major South Korean shipbuilder. This project is part of SHI's diversification into the ocean energy business, focusing on maritime technology. The study will combine KBR's innovative blue ammonia technology for offshore production with SHI's expertise in designing mega floating vessels.

Jay Ibrahim, KBR President of Sustainable Technology Solutions, emphasized the significance of this collaboration, stating it will provide a sustainable platform for clients to achieve energy transition objectives with greater flexibility. KBR's extensive experience in ammonia technology, having licensed, engineered, or constructed over 260 grassroot ammonia plants worldwide since 1943, positions them as a leader in this field.

Positive

• KBR awarded conceptual study contract for floating blue ammonia production
• Collaboration with Samsung Heavy Industries, a major global shipbuilder
• Potential expansion into the growing ocean energy business
• Leveraging KBR's expertise in ammonia technology and SHI's vessel design capabilities
• Opportunity to provide sustainable energy transition solutions to global clients

Negative

• None.

News Market Reaction

+1.12%

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+1.12% News Effect

On the day this news was published, KBR gained 1.12%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HOUSTON, Sept. 12, 2024 /PRNewswire/ -- KBR (NYSE: KBR) announced today it has been awarded a conceptual study contract for floating blue ammonia production from Samsung Heavy Industries (SHI), one of the world's largest shipbuilders in South Korea.

The award is part of SHI's diversification in the ocean energy business, with a focus on maritime technology. The study will utilize KBR's innovative blue ammonia technology, suitable for offshore production, and leverage SHI's expertise in the design of mega floating vessels.

"We are proud to collaborate with SHI for this strategic project and provide our low-carbon blue ammonia process technology solution to develop this first-of-its-kind floating ammonia production facility," said Jay Ibrahim, KBR President, Sustainable Technology Solutions. "This concept will deliver a sustainable platform to our clients globally for achieving their energy transition objectives with greater flexibility."

KBR is a world leader in ammonia technology and has been at the forefront of innovation in the ammonia market for decades. Since 1943, KBR has licensed, engineered, or constructed over 260 grassroot ammonia plants worldwide.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 36,000 people worldwide with customers in more than 80 countries and operations in over 30 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.

Visit www.kbr.com

Forward Looking Statements

The statements in this press release that are not historical statements, including statements regarding future performance of and demand for our technologies, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks, uncertainties and assumptions, 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, uncertainties and assumptions include, but are not limited to, those set forth in 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, which discuss some of the important risks, uncertainties and assumptions that the company has identified that may affect its business, results of operations and financial condition. Due to such risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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SOURCE KBR, Inc.

FAQ

What is the purpose of KBR's conceptual study contract with Samsung Heavy Industries?

The contract is for developing a conceptual study on floating blue ammonia production, combining KBR's ammonia technology with SHI's expertise in designing mega floating vessels.

How does this contract align with Samsung Heavy Industries' business strategy?

This contract is part of SHI's diversification into the ocean energy business, with a focus on maritime technology for sustainable energy solutions.

What is KBR's experience in ammonia technology?

KBR has been a leader in ammonia technology since 1943, having licensed, engineered, or constructed over 260 grassroot ammonia plants worldwide.

How might this project impact KBR's (NYSE: KBR) market position?

This project could strengthen KBR's position in the sustainable energy market, particularly in offshore ammonia production, potentially leading to new business opportunities and revenue streams.