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KBR Awarded Transformational Oil Development Project in Iraq

Written by Customer Service on . Posted in Public Companies.

HOUSTON, Feb. 23, 2026 (GLOBE NEWSWIRE) — KBR (NYSE: KBR) announced today that it has been awarded a major contract by Basra Oil Company (BOC) to provide Integrated Field Management Services (IFMS) for the gigantic Majnoon Oil Field. Located in southern Iraq, Majnoon is one of the world’s largest oil fields, with estimated reserves of over 38 billion barrels.

Under the IFMS contract, KBR will provide comprehensive upstream engineering, project and operations management, and maintenance services to enhance crude production, modernize field facilities, and implement advanced AI and digital technologies to optimize reservoir performance in a safe and sustainable manner. KBR’s scope of services includes subsurface drilling and reservoir engineering to ensure an integrated approach towards the development, operation, and maintenance of this strategic oil asset in Iraq.

“This award underscores KBR’s deep and diverse technical capability, including upstream operational services, and decades long commitment to Iraq,” said Jay Ibrahim, President, KBR Sustainable Technology Solutions. “Oil field development projects of this scale and complexity require a strategic and trusted high-value provider with proven in-country experience, disciplined execution, and a strong safety culture. We are honored to support BOC in advancing Iraq’s energy ambitions and delivering sustained long term value.”

The project is expected to generate significant local employment across Iraq’s engineering, construction, and oil field services industries, with an initial estimated work force of approximately 2,000 in-country personnel. KBR remains committed to knowledge-transfer and training for Iraq’s dynamic engineering sector and will support the execution of this project through a combination of in-country teams and global engineering centers, ensuring strong local engagement while leveraging international best practices in project delivery, digital engineering and operational excellence. Throughout the execution phase, KBR will remain committed to supporting the development of local community initiatives, with an emphasis on best practices in engineering, safety, and technical skill development.

The strategic award strengthens KBR’s engagement across Iraq’s energy sector built on years of delivering value through collaboration, transparency, consistency, and innovation. From assisting the Iraqi Ministry of Planning to develop and implement a multifaceted Iraq Master Plan, undertaking multi-year complex maintenance programs across some of the largest oil fields such as Rumaila, to identifying practical strategies to monetize flared natural gas, KBR is positioned as a trusted high-value provider to contribute towards Iraq’s economic, industrial, and social growth for years to come.

About KBR
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 36,000 people worldwide with customers in more than 85 countries and operations in over 28 countries. KBR is proud to work with its customers across the globe to provide technology, value-added services, and long-term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

Visit www.kbr.com

Forward Looking Statements

The statements in this press release that are not historical statements, including statements regarding KBR’s Integrated Field Management Services in Iraq, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks, uncertainties and assumptions, 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, uncertainties and assumptions include, but are not limited to, those set forth in the company’s most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks and other U.S. Securities and Exchange Commission filings, which discuss some of the important risks, uncertainties and assumptions that the company has identified that may affect its business, results of operations and financial condition. Due to such risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

For further information, please contact:

Investors
Rachael Goldwait
Vice President, Investor Relations
713-753-5082
Investors@kbr.com

Media
Philip Ivy
Vice President, Global Communications and Marketing
713-753-3800
MediaRelations@kbr.com

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