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2015-03-27

KBR, Inc.: KBR and SOCAR Announce New Engineering Joint Venture in Azerbaijan

HOUSTON - March 27, 2015 - KBR, Inc. (NYSE: KBR) announced today that it has
signed a joint venture (JV) agreement with the State Oil Company of
Azerbaijan Republic (SOCAR) to establish a new engineering and support
services company in Azerbaijan.

With support from KBR and SOCAR, the new company will provide design,
engineering, technical, procurement, construction supervision and project
management service for projects across the upstream, midstream and downstream
oil and gas sectors, primarily in the Republic of Azerbaijan. The company
will also prepare technical requirements for all stages of a project,
including project management, contract supervision, planning and cost
control.

Additionally, it will train and develop the local workforce and supervise
contractors throughout all stages of a project -- from startup through
construction and into performance testing.

KBR has worked on various projects in Azerbaijan since 1994, achieving more
than 17 million man-hours. At its peak, KBR employed nearly 400 Azerbaijani
workers expending more than 4 million man-hours in country.

"KBR is proud to continue our successful history in Azerbaijan," said Stuart
Bradie, KBR President and CEO. "This joint agreement represents KBR's ability
to bring consistent and valuable training and educational programs to the
region. We look forward to mobilizing our expertise, systems and procedures
to support SOCAR's success with these new projects."

"We are confident that this strong JV will help to realise our ambition to
create a world class Azerbaijan-based engineering company," added Rovnag
Abdullayev, President, SOCAR.

The JV will be located in Baku. Bookings from the JV will be recognized as
projects are awarded in the future.

SOCAR is a fully state-owned national oil company with its head office in Baku
city. SOCAR is also one of the world's largest oil-gas companies, and it
produces oil and natural gas from both onshore and also offshore fields in
Azerbaijani sector of the Caspian Sea. Furthermore, SOCAR has oil and gas
refineries and a number of oil and gas pipelines in the republic. SOCAR
holds different assets in Azerbaijan, Georgia, Ukraine, Romania, Switzerland
and other countries, including a large number of gas stations under the
"SOCAR" brand.

KBR, Inc. is a global technology, engineering, procurement and construction
company serving the hydrocarbons and government services industries,
employing around 27,000 people worldwide with customers in more than 70
countries and operations in 40 countries across three distinct global
businesses:

* Technology&Consulting, including proprietary technology in refining,
ethylene, ammonia and fertilizers, and gasification; and niche consulting
and know-how through Granherne/Energo and GVA;
* Engineering&Construction, including Upstream Oil&Gas; LNG/GTL; Downstream
Petrochemicals and Chemicals; and differentiated EPC; and,
* Government Services, including program management and long term annuity
contracts.

KBR is proud to work with its customers across the globe to provide
technology, value-added consulting services and integrated EPC skills to
ensure a consistent project delivery with predictable results. AtKBR, we
deliver

.

Visitwww.kbr.com.

Forward Looking Statement

The statements in this press release that are not historical statements,
including statements regarding future financial performance, are
forward-looking statements within the meaning of the federal securities laws.
These statements are subject to numerous risks and uncertainties, many of
which are beyond the company's control that could cause actual results to
differ materially from the results expressed or implied by the statements.
These risks and uncertainties include, but are not limited to: the outcome of
and the publicity surrounding audits and investigations by domestic and
foreign government agencies and legislative bodies; potential adverse
proceedings by such agencies and potential adverse results and consequences
from such proceedings; the scope and enforceability of the company's
indemnities from its former parent; changes in capital spending by the
company's customers; the company's ability to obtain contracts from existing
and new customers and perform under those contracts; structural changes in
the industries in which the company operates; escalating costs associated
with and the performance of fixed-fee projects and the company's ability to
control its cost under its contracts; claims negotiations and contract
disputes with the company's customers; changes in the demand for or price of
oil and/or natural gas; protection of intellectual property rights;
compliance with environmental laws; changes in government regulations and
regulatory requirements; compliance with laws related to income taxes;
unsettled political conditions, war and the effects of terrorism; foreign
operations and foreign exchange rates and controls; the development and
installation of financial systems; increased competition for employees; the
ability to successfully complete and integrate acquisitions; and operations
of joint ventures, including joint ventures that are not controlled by the
company.

KBR's most recently filed Annual Report on Form 10-K/A, any subsequent Form
10-Qs and 8-Ks, and other Securities and Exchange Commission filings discuss
some of the important risk factors that KBR has identified that may affect
the business, results of operations and financial condition. Except as
required by law, KBR undertakes no obligation to revise or update publicly
any forward-looking statements for any reason.

For further information, please contact:

Investors
Zac Nagle
Vice President, Investor Relations
713-753-5082
Investors@kbr.com

Media
Marit Babin
Director, Global Communications&Government Relations
713-753-3800
Mediarelations@kbr.com

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: KBR, Inc. via Globenewswire

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