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KBR Shares Fall After $2.33 Billion Contract Win

HARTFORD, Conn. (AP) ¿ Shares of KBR fell Monday after the engineering and construction company announced it was awarded an energy project worth 2.7 billion Australian dollars ($2.33 billion).

Chevron Australia awarded KBR work on a liquefied natural gas and logistics portion of the Gorgon gas field off the northwest coast of Western Australia, KBR said.

Analyst Heiko Ihle of Gabelli & Co. said in an interview that KBR had been considered among the front-runners for the contract and its share price had risen in anticipation. Shares have risen more than 40 percent since mid-July.

KJVG, a joint venture led by KBR that includes other partners, will execute and build a liquefied natural gas facility on Barrow Island.

Shares fell $1.33, or 5.5 percent, to $22.85 in afternoon trading.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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