KBR Secures Two-Year Renewal of EPCM Contract with Basra Oil Company for the Majnoon Oil Field in Iraq
Rhea-AI Summary
KBR (NYSE: KBR) has secured a two-year renewal of its engineering, procurement, and construction management (EPCM) contract with Basra Oil Company (BOC) for the Majnoon Oil Field in Iraq. The contract extension will enable KBR to continue providing comprehensive EPCM services to maintain production capacity and enhance operational efficiency.
The renewed partnership focuses on maximizing local content, improving safety measures, and supporting Iraq's national energy strategy. KBR's team in Iraq includes a significant number of local professionals working at the Majnoon site and regional hubs, contributing to the Growth II Program implementation.
Positive
- Contract renewal demonstrates strong relationship with Basra Oil Company
- Strategic involvement in one of Iraq's most important oil assets
- High local employment supporting sustainable development goals
Negative
- None.
News Market Reaction – KBR
In the trading session that priced this news, KBR declined 1.08%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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HOUSTON, July 17, 2025 (GLOBE NEWSWIRE) -- KBR (NYSE: KBR) announced today that it has secured the renewal of its engineering, procurement, and construction management (EPCM) contract with Basra Oil Company (BOC) for the Majnoon Oil Field for an additional two years.
Under the contract, KBR will continue to provide comprehensive EPCM services to help BOC sustain forecasted production capacity, enhance operational efficiency, maximize local content, and drive continued safety improvements.
“This contract extension is a testament to the strong working relationship between KBR and BOC, and further reinforces KBR’s ongoing commitment to Iraq’s national energy strategy and the sustainable development of the Majnoon field, one of the most strategic assets in the country,” said Jay Ibrahim, President, KBR Sustainable Technology Solutions. “KBR is committed to support local development and contribute to Iraq’s long-term domestic capacity enhancement.”
“KBR will continue to be our strategic partner in EPCM projects in Majnoon, successfully supporting our long-term development goals and maximizing field potential through safe, efficient, and sustainable project execution,” said Mr. Kadhim Kareem, CEO of the Majnoon Field at Basra Oil Company.
KBR’s team in Iraq comprises a high number of local professionals to meet the targeted percentages at the Majnoon site and other regional hubs, ensuring the seamless execution of ongoing and upcoming projects as part of the Growth II Program.
About KBR
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 38,000 people worldwide with customers in more than 80 countries and operations in over 29 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 Statements
The statements in this press release that are not historical statements, including statements regarding project performance and outcomes and future demand for the company’s services, 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.
For further information, please contact:
Investors
Jamie DuBray
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
