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KBR's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Now I would like to talk about KBR's businesses. At Gas Monetization, the FEED for the Kitimat LNG project is essentially complete, while pre-FID site construction activities continue. We are currently in an open book EPC tendering phase, which should be completed during the second quarter of 2012. At the Browse LNG project during the fourth quarter, we moved into a bid quality FEED extension, which is now essentially complete. We are currently [indiscernible] for EPC bidding, with bids due in mid-2012. For the Gorgon LNG fourth train, pre-FEED activities continue, with an expected transition into FEED in mid-2012.

In Africa, for the Anadarko LNG project in Mozambique, pre-FEED is complete and the FEED tendering process is underway. We anticipate FEED awards to be announced during the first half of 2012. At the Pluto LNG Project, KBR continues to provide support to Woodside on the Pluto foundation project and is currently performing various additional studies on the proposed expansion project.

At KBR's Downstream business unit for the Lobito refinery project, Sonangol continues to discuss equity participation with at least 1 potential partner. We will continue to execute early-stage engineering for the project through the first quarter of 2012.

On the Sadara project, only 1 FEED envelope remains to be completed. KBR continues to provide resources and key personnel at the site, as well as coordinating PMC and pre-EPC support activities.

Regarding Aramco's GES+ initiative, I am pleased that the KBR AMCDE entity has been formally accepted by Aramco as a preferred provider. The GES+ contract will increase in kingdom, technical, engineering and construction capabilities through utilization of KBR's world-class engineering tools and work processes. At KBR, AMCDE's office has approximately 400 people and will provide front-end engineering and design, detailed design, procurement and project management services. KBR also expects, over time, to use this entity to perform engineering work outside of the hydrocarbon sector in Saudi Arabia. KBR anticipates approximately $70 million to $100 million in revenue per year from the KBR AMCDE entity.

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