KBR to Work on First Oil Sands Carbon Capture Project

Houston-based KBR (NYSE: KBR  ) is "going green," and it's going to Canada to do it.

On Tuesday, the oilfield services firm announced that Royal Dutch Shell (NYSE: RDS-A  ) subsidiary Shell Canada Energy has contracted KBR to perform "off-site modularization and pipe fabrication" for Shell's new Athabasca Oil Sands operations. KBR's task will be to employ Shell's own "Shell Quest Carbon Capture and Storage" technologies to build equipment that will reduce CO2 emissions at the oil sands site. According to the companies, this equipment, when finished, will enable Shell to reduce greenhouse gas emissions from the site by capturing more than 1 million metric tons of CO2 per year.

Financial terms of the contract were not disclosed.

Contract win notwithstanding, KBR shares closed Tuesday trading down 3.2% at $30.14.

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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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12/1/2015 4:01 PM
KBR $19.67 Up +0.23 +1.18%
KBR, Inc. CAPS Rating: *****
RDS-A $50.10 Up +0.34 +0.68%
Royal Dutch Shell… CAPS Rating: ***