KBR Announces Stage Completion of Major British Military Project
British Army Barracks Unveiled as Part of Allenby/Connaught Contract
Houston, Texas and Leatherhead, UK - October 19, 2007 - KBR (NYSE:KBR) today announced that the consortium of which it is part of with Carillion and Aspire Defence Limited, has successfully completed the first major milestone in the Ministry of Defence's (MoD's) GBP 8 billion (US$13.9 billion) Allenby/Connaught contract. This project, which is the largest Defence Estates Private Finance Initiative (PFI) ever let by MoD, will provide British Army barracks in Aldershot and across the garrisons of Salisbury Plan in the UK. The barracks unveiled today will provide high-quality, purpose-built living and working accommodations for hundreds of military personnel.
"Making a difference in soldiers' lives by providing them with a modern living and working environment is a service KBR is proud and honored to provide. We have a rich history as a company in providing these services and this project is yet another example of our commitment in this regard," said William P. Utt, KBR Chairman, President and CEO. "We are pleased to be fully integrated within the Aspire team, in partnership with the Ministry of Defence. We look forward to demonstrating our commitment on this and future projects that enable KBR to showcase its unparalleled expertise and commitment to quality engineering and construction projects."
"KBR is renowned for its project control and programme management skills, and in such a large scale project as Project Allenby/Connaught – running for 35 years with 55 parties and 240 separate contracts – these key core skills can be showcased", added Gordon Bryden, Vice President of KBR's UK-based Government and Infrastructure business.
This major Private Finance Initiative (PFI) with the MoD is a 35-year construction and service contract that will deliver a modern, flexible living and working environment for soldiers in Aldershot and across Salisbury Plain.
Significant challenges have already been met, notably in terms of achieving a commendable first year of service delivery and the on-time handover of the facilities required for the 2nd Royal Tank Regiment.
KBR is a global engineering, construction and services company supporting the energy, petrochemicals, government services and civil infrastructure sectors. The company offers a wide range of services through its Upstream and Downstream, Technology, Services, Government and Infrastructure and Ventures business segments. For more information, visit www.kbr.com.
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