KBR posts USD 30 mln income in Q3

KBR reported a third quarter 2014 net income of $30 million, compared to the $47 million net loss in the same period the year before. 

Consolidated revenue in the third quarter of 2014 was $1.7 billion compared to $1.8 billion in the third quarter of 2013.

“Our third quarter consolidated results improved sequentially from the second quarter and reflect strong performance in our Gas Monetization and Hydrocarbons segments. Our fabrication and module assembly projects in Canada were stable and our businesses across Services were profitable. IGP continues to lag, largely due to charges on a North America Power project, but we continued to make good progress on resolving a number of legacy commercial disputes,” said Stuart Bradie, President and Chief Executive Officer of KBR.

Bookings for the Hydrocarbons business segment were strong at $1 billion, with $900 million in reimbursable, largely Downstream EPC and Oil and Gas Services work.

“In the third quarter, we were awarded front end engineering and design work for the Tangguh train 3 LNG project and the Eni Mozambique FLNG project, and work on the BP Mad Dog Phase II project in the Gulf of Mexico continued,” said Bradie.

Bradie further said that while the recent decline in oil prices may present challenges to certain near-term upstream project economics, low natural gas prices continue to result in a number of good engineering, procurement and construction prospects in the LNG, Downstream, and Chemicals markets and that the company is well placed to capitalize on these opportunities.

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Press Release; Image: KBR