News Post
KBR plans to move away from LNG and energy construction in favor of government contracts and technology ventures
It was reported on Tuesday that KBR of Houston is expected to exit most of its liquefied natural gas (LNG) construction and other energy projects to focus on government and technology businesses. KBR Chief Executive Stuart Bradie stated that the company will “no longer engage in lump sum, blue collar construction services.” The COVID-19 pandemic is likely a primary factor in this decision, as many customers have withdrawn from energy project investments.
KBR did not discuss the possible impairments on its LNG construction schedule at this time, but the company did add that it still expects 2020 to be a “marginally profitable” year. Some of these LNG projects include the recently delayed Freeport LNG in Texas, Magnolia LNG in Louisiana, and the Goldboro LNG site in Canada. KBR is expected to announce further details at its second quarter results presentation due in July.
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