KBR Joint Venture Awarded Engineering and Procurement Management Services for Woodside's North Rankin 2 Project

Business Wire, April 2, 2008

HOUSTON -- KBR (NYSE:KBR) announced today that its "Eos" joint venture with WorleyParsons (50/50 KBR and WorleyParsons) has been awarded contract options for the detailed engineering and procurement management services for Woodside's North Rankin 2 (NR2) project.

The Eos Joint Venture has completed Front-End Engineering Design (FEED) for the North Rankin B platform and the North West Shelf Venture participants have recently announced final approval of the complete NR2 project. The combined revenue of the FEED and contract options for the Eos Joint Venture is approximately USD $320 million.

"We look forward to demonstrating KBR's capabilities in fixed offshore structures for Woodside and its North West Shelf Venture participants in this world class development," said Lindsay Woodhead, KBR's Vice President, Project management. "This reinforces our continued presence as a world class offshore contractor and adds to our impressive list of large floatover decks."

The NR2 contract involves the design and construction of a new offshore platform (North Rankin B) to be installed alongside, and bridge linked to, the existing North Rankin A platform. The NR2 project will recover remaining low pressure gas from the North Rankin and Perseus gas fields, located approximately 85 miles off of the northwest coast of Western Australia, in a water depth of approximately 410 feet.

KBR is a global engineering, construction and services company supporting the energy, petrochemicals, government services and civil infrastructure sectors. The company offers a wide range of services through its Downstream, Government and Infrastructure, Services, Technology, Upstream and Ventures business segments. For more information, visit www.kbr.com.