LNG engineer KBR posted a $55 million net income in the third quarter of this year compared to net income of $30 million in 2014.
Consolidated revenue in the third quarter was $1.2 billion compared to $1.7 billion in the third quarter of 2014, the company said in a statement.
“KBR’s transformation is well underway and we are on track to achieve the 2016 targets for segment profit margin percentages and $200 million in annual cost savings,” said Stuart Bradie, President and Chief Executive Officer of KBR .
He added that, to-date, the company has identified and actioned more than $150 million of the $200 million savings target with the identified savings being realized throughout 2015 and 2016.
Looking forward, the company continues to see opportunities for LNG, FLNG, oil & gas, ammonia and chemicals projects, as well as growth in maintenance services and small construction contracts executed by the company’s recently formed 50/50 joint venture with Bernhard Capital Partners, Brown & Root Industrial Services.
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LNG World News Staff; Image: KBR