Friday, July 13, 2007
KBR awarded $8.5 mn. Basrah oil platforms contract
Reconstruction
(AP) - The U.S. Navy on Wednesday awarded an $8.5 million contract boost to KBR Inc. for additional services for personnel at two Iraqi oil platforms. The company, formerly a division of Halliburton Co. (nyse: HAL - news - people ), which was once headed by Vice President Dick Cheney, will provide upgrades for personnel at two oil platforms: the Al Bas Basra Oil Terminal and the Khawr Al Amaya Oil Terminal.
Additional funds for this phase of the contract brings the total value to $13.5 million. The entire contract is worth up to $500 million, which includes four-year extension options, the Navy said. The Houston-based company will perform the work in waters off the coast of Iraq through November 2007. Shares of KBR (nyse: KBR - news - people ) rose 25 cents to $31.60 in after-hours trading, after shares rose 42 cents to $31.35.
Additional funds for this phase of the contract brings the total value to $13.5 million. The entire contract is worth up to $500 million, which includes four-year extension options, the Navy said. The Houston-based company will perform the work in waters off the coast of Iraq through November 2007. Shares of KBR (nyse: KBR - news - people ) rose 25 cents to $31.60 in after-hours trading, after shares rose 42 cents to $31.35.
Labels: Al Bas Basra Oil Terminal, Halliburton, KBR, Khawr Al Amaya Oil Terminal
