KBR wins engineering contract for Qatar's Bul Hanine oil field

HOUSTON - Engineering firm KBR (NYSE:KBR) has secured a contract to provide detailed engineering services for QatarEnergy's Bul Hanine oil and gas field, located approximately 120 kilometers east of Doha, Qatar, the company announced Tuesday. The $5.29 billion market cap company, currently trading near its 52-week low at $41.65, is considered undervalued according to InvestingPro analysis.

Under the agreement, KBR will deliver detailed design and engineering services for the Bul Hanine EPIC (Engineering, Procurement, Installation, and Commissioning) project. Financial terms of the contract were not disclosed.

The Bul Hanine field is one of Qatar's major offshore oilfields and a significant contributor to the country's production portfolio. QatarEnergy's initiative aims to extend the field's production life, increase its capacity, and implement advanced technologies to maximize recovery.

"As we continue to focus large efforts on the Global South, where the need for energy production continues to be in demand, we are honored to support the redevelopment of the Bul Hanine field," said Jay Ibrahim, President of Sustainable Technology Solutions at KBR, in the press release.

The company noted that it has experience delivering offshore and onshore projects globally, with operations in over 29 countries and approximately 37,000 employees worldwide serving customers in more than 80 countries.

KBR's selection for this project builds on its established record of delivering projects throughout the Middle East, according to the company statement.

In other recent news, KBR Inc. reported its third-quarter 2025 earnings, with earnings per share (EPS) surpassing estimates at $1.02 compared to the expected $0.96. However, the company's revenue fell short of projections, coming in at $1.93 billion against a forecast of $1.98 billion. In a strategic move, KBR's joint venture, Brown & Root Industrial Services, has signed an agreement to acquire Specialty Welding and Turnarounds, aiming to become one of the largest providers of specialty welding and turnaround services in North America. In analyst updates, Truist Securities raised its price target for KBR from $60 to $62, maintaining a Buy rating on the stock. The adjustment reflects an 8x EV/EBITDA multiple for KBR's MTS segment and a 12x multiple for its STS segment, considering free cash flow and new public company costs. These developments highlight significant changes and projections for KBR, indicating potential growth and strategic expansion.

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