KBR to Exit LNG Business

KBR: To Exit LNG and Other Energy Projects (Reuters)
Jennifer Hiller (June 22): KBR will exit most of its LNG construction and other energy project… The company will refocus on government contracts and technology businesses, CEO Stuart Bradie wrote to employees on Mon. (June 22). It will “no longer engage in lump sum, blue collar construction services,” saying the COVID-19 pandemic accelerated the decision to leave fixed-contract energy projects. KBR held contracts for EPC services for several proposed LNG projects, including at Freeport’s Train 4, Pieridae’s proposed Goldboro LNG facility in Nova Scotia and Glenfarne’s Magnolia LNG… About 85% of the company’s forecast earnings for 2020 are expected from government business. Link to Content

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