GAO Upholds TRANSCOMS Household Goods Contract Award for KBR Led Joint Venture

HOUSTON, March 7, 2022 /PRNewswire/ -- KBR (NYSE: KBR) announced the General Accounting Office (GAO) decision to uphold the award of the US Transportation Commands Global Household Goods Contract. The contract ceiling value is approximately $20B with a potential 9 year term, inclusive of all options periods. HomeSafe Alliance will be the exclusive household goods move management service provider for the U.S. Armed Forces, Department of Defense civilians and their families.

"KBR is pleased with the GAO decision to uphold the Household Goods contract award," said Stuart Bradie, KBR President and CEO. "Our solution will significantly expand and reward quality performance and is an important catalyst in the transformation of the military household goods industry."

Under this contract, HomeSafe Alliance, a joint venture between KBR and Tier One Relocation, will modernize and infuse technology to improve the domestic and international relocation experience for all military personnel and their families. KBR expects to begin start up activities in mid-2022 with full contract performance during 2023.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 28,000 people worldwide with customers in more than 80 countries and operations in 34 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.

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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 significant adverse impacts on economic and market conditions of the COVID-19 pandemic and the company's ability to respond to the resulting challenges and business disruption; the recent dislocation of the global energy market; the company's ability to manage its liquidity; 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; 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; the possibility of cyber and malware attacks; 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.

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 discuss some of the important risk factors that the company has identified that may affect its business, results of operations and financial condition. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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SOURCE KBR, Inc.