休斯敦（KBR：NYSE）的公开设计建设公司KBR Inc.首席执行官Stuart Bradie在6月16日的演讲中对投资者和分析师表示，它将在急剧的市场转折中退出固定价格的能源项目，以重点关注。在更高增长，更高的政府服务业务上。该公司没有宣布更改。

"EPC lump-sum construction risk is completely off the table, it goes away," said Bradie, named CEO in 2014 from a previous post as group managing director at WorleyParsons. "This gives more weight to our government services business and marks another step in our transformation."

The firm joins other contractors that are reassessing固定价格建设风险，这一趋势加强了去年。

能源项目前景

布雷迪指出，“可以理解的是，“我们能源解决方案业务部门的客户正在推迟资本承诺并在此不确定性时期保存现金，”布雷迪指出，该部门在2015年占公司收入的75％以上，重点是液化天然气（LNG）部门工作。

KBR直到2007年是石油服务巨头Halliburton的工程和建筑部门。

布雷迪说：“ KBR是能量。但事实并非如此。”“随着我们在高端政府，技术解决方案和资产绩效方面的故意增长，我们将KBR的能源部门资本支出的影响降低到了不到10％。”
7月的更多细节。

布雷迪（Bradie）没有提供有关其当前能源项目和前景的更多详细信息，称当KBR在7月底分享第二季度业绩时，该公司将在18luck官网2020年将能源业务在2020年“略有盈利”时提供。告诉分析师。

The company did not respond to ENR queries to confirm status of its fixed-price energy project contracts.

去年，KBR被选为德克萨斯州Freeport LNG项目计划的第4列火车4的首选EPC承包商，并于3月宣布了1亿美元的融资协议。但是该项目的最终投资决定现在已将其推迟到2021年，它将寻求新的竞标进行建设，

它还签署了格伦法恩集团在路易斯安那州的木兰液化天然气项目的合同。休斯顿纪事报（Houston Chronicle）表示，格伦法恩（Glenfarne）执行合伙人布伦丹·杜瓦尔（Brendan Duval）表示，该公司打算最终决定该项目的建设和运营，理由是“天然气在过渡到低碳世界中的重要作用”。他说，该设施将在全球提供干净，低成本和可靠的能源，“我们很自豪地支持这个关键的基础设施项目。”

KBR似乎仍然与新斯科舍省的Goldboro LNG项目有关，估计由加拿大Pieridae Energy开发了100亿美元，每年1000万吨的项目。该开发商告诉卡拉尼什能源出版物，尽管最终的投资决定延迟到2021年6月30日，但由于Covid-19的最终投资决定延迟了该项目，但由于COVID-19和KBR“由于关闭的关闭而无法向前推进”18luck.cub企业和无法“进入中国和欧洲的模块化院子”。

该项目将于2025/26开始商业运营。

Pieridae said it is "focused on progressing work with KBR to deliver a fixed-price contract to build the gas liquefaction facility. Finishing this work will allow [the developer] to complete final due diligence and proceed with project financing."

Even so, analysts noted key market issues.

"We are not surprised given the financial troubles that fixed-price LNG has created for the energy E&C names, including bankruptcy and capital raises," said Jamie Cook, Credit Suisse managing director and lead construction sector analyst in a June 17 report.

“ KBR在液化天然气上循环期间保持纪律处分，其积压列表中没有任何固定价格的能源工作，并且通过假设能源服务将在今年剩下的时间内开放，也没有危险的2020 [财务指导]。她说。

"We believe this was another sign energy services was less strategic to KBR’s portfolio," said Cook, but she noted uncertainty in its exit approach, whether the firm is "shutting down [work] or is there a potential divestiture in play?"

瑞银行业分析师史蒂文·费舍尔（Steven Fisher）说：“我们认为他们将在今年晚些时候节省任何能源公告。”

KBR reported a loss of $104 million in its first quarter that ended March 31, related to writedowns of oil and gas sector assets, compared to a $40-million profit for that quarter in 2019. Quarter revenue rose 15% to $1.5 billion, from the previous year.

The company said in its April 29 earnings announcement that Bradie and the KBR board are taking a voluntary 15% salary reduction in the second quarter, with the company "leadership team" taking a 10% cut.

The CEO said at the time that "our preparedness for COVID-19 has enabled continuity of service, the resilience of our Government and Technology Solutions businesses and our actions to better position our Energy business [that] will enable continued delivery of predictable, stable and sound financial results."

转移政府工作

布雷迪还认为，其政府服务的工作正在从过去的曝光率转变为依赖不确定年度预算的联邦“应急运营业务”。特别是，KBR多年来持有美国陆军物流支持合同，称为Logcaps。
库克说:KBR”很大程度上是LOGCAP承包商,which was not only a low-margin business but also generated a volatile earnings stream."

Bradie told analysts that "some think our work is still dominated by that."

He said 90% of the firm's government work is "across space, science, engineering, training, cyber, facilities and supply-chain management and base operation," adding that its mix of internationally funded government work is about 25% of the total, "higher margin and a true differentiator."
KBR also announced on June 19 a global alliance with L&T Hydrocarbon Engineering, a unit of India-based engineering and construction conglomerate Larsen & Toubro Ltd., under which KBR will license proprietary technology and engineering services and the unit will be EPC services provider.

The firms will bid exclusively for refinery and petrochemical projects globally, with a specific focus on India, South East Asia and the Middle East and Africa markets, they said.

The alliance joins "KBR's century-long technology expertise and LTHE's strong capability as a major EPC player and modular solution provider," said Doug Kelly, KBR technology solutions president.

KBR在ENR 2020年前400名承包商名单新利luck上排名第35位，2019年报告的建筑收入超过23亿美元，大部分在美国以外 - 在2020年前500家设计公司名单上排名第3，工程收入为33亿美元去年。其中约34％用于制造业，工业和石油为37％。

Larsen & Toubro Ltd. ranks at No. 14 on ENR's 2019 Top 250 International Contractors list, its latest, reporting $17 billion in 2018 global construction revenue, about 45% in power, oil and industrial markets. It also ranks at No. 33 on the Top 225 Global Design Firms list, also the latest, reporting about $697 million in engineering revenue that year.

"The elements of KBR’s transformation are demonstrable in our ENR rankings, with a No. 1 rank in manufacturing driven by our growing aerospace business, our NASA franchise and the support to defense platform acquisition and sustainment globally, as well as our increasing scale in the manufacture of proprietary equipment." Bradie told ENR. "Our transformation has been achieved with zero lump-sum turnkey risk in our portfolio of projects, and we have transitioned a large component of our activity to be OpEx-facing."

该公司于6月16日在阿拉巴马州亨茨维尔的马歇尔太空飞行中心（Marshall Space Flight Center）宣布了5.703亿美元的NASA合同，其中包括空间站有效载荷操作和对太空发射系统的测试支持。

布雷迪说：“ KBR将继续发展，在许多方面，Covid-19可能会成为这种进化的催化剂。”