- KBR, Inc’s (NYSE:KBR) Canadian entity has received a Letter of Intent (LOI) from Equinor ASA (NYSE:EQNR) Canada. Financial terms were not disclosed.
- The LOI is for the front-end engineering design (FEED) of the topside facilities of the new Bay Du Nord floating production, storage, and offloading facility (FPSO) to be located offshore Newfoundland, Canada.
- The Bay du Nord FPSO is a deep-water facility utilizing technology and digital solutions to ensure safe and reliable production.
- The agreement also includes an option for the continuation of detailed design and procurement management services through to the final completion of the FPSO.
- The FEED scope comes on the back of the pre-FEED engineering carried out by KBR in 2022. During the FEED engineering, KBR will continue to assist Equinor in developing one of the world’s lowest carbon-emitting FPSOs.
- KBR will carry out the work scope in collaboration with Canadian subcontractor Hatch Ltd.
- Price Action: EQNR shares are trading higher by 5.56% at $30.01 premarket Monday. KBR shares closed higher by 1.23% at $55.05 on Friday.
Why Is Twilio Stock Trading Higher Tuesday?
Activist investor Anson Funds has acquired a stake in Twilio Inc (NYSE: TWLO), the enterprise software company, and is pushing for its sale, sending the stock price up.
