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KBR Inks Services Deal With BP Unit for Caspian Sea Project

KBR (NYSE: KBR  ) will be more active in Central Asia once 2014 rolls around. The company announced that it has signed a deal with BP (NYSE: BP  ) unit BP Exploration (Shah Deniz) to supply what it describes as "detailed engineering and procurement services" for BP's Shah Deniz Stage 2 Project, a gas field located Azerbaijan's region of the Caspian Sea. The terms of the deal were not disclosed.

KBR is to provide its services for an offshore complex located at Shah Deniz, as well as an onshore gas processing facility. This will begin in January and run until 2018.

Shah Deniz is the largest gas field in Azerbaijan. It is operated by BP, which has a share of 25.5% in it. Fellow investors include Statoil, Total, Azeri oil incumbent SOCAR, and others.

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9/28/2016 4:01 PM
KBR $14.87 Up +0.49 +3.41%
KBR CAPS Rating: *****
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BP CAPS Rating: ****