kbr inc (KBR) Key Developments
KBR and Services Employees International, Inc. Wins Class Action Arbitration
Jul 11 14
KBR announced that the company and its affiliate, Services Employees International, Inc., won a class action arbitration alleging that the company had underpaid thousands of truck drivers supporting the military effort in Iraq. The ruling, issued by Arbitrator Michael Loeb, Esq, acknowledges KBR routinely, and properly, enforced its written timekeeping policy whereby employees "record all time worked, and work all time recorded. The arbitration was filed in November 2007, and Arbitrator Loeb certified a class of approximately 7,000 current and former truck drivers in 2011. The plaintiffs alleged that between 2003 and 2010, KBR maintained a policy to deny truck drivers stationed in Iraq compensation for all overtime hours worked. The arbitration hearing took place in September and October of last year with closing arguments in February of this year.
KBR, Inc. Wins Contract for Base Support for Isa Air Base, Bahran
Jul 10 14
KBR, Inc. announced that it has been awarded a contract by the U.S. Navy Facilities Engineering Command, Atlantic for the base operating support services for Isa Air Base, Kingdom of Bahrain. Under the terms of the contract, KBR will provide base operating support services to include all management, supervision, labor, materials, and equipment necessary to perform services for general information, management and administration, galley operations, housing facility support, wastewater, water and base support vehicles and equipment, and environmental for the base and its surrounding support sites. KBR was previously awarded a support contract in Bahrain under LOGCAP IV. The contract is for a one year base period with four option years. Included in the second quarter of 2014 backlog will be the undisclosed funded portion of the base year contract. The total value of the five-year contract, including options, will be $113,824,554 for the Infrastructure, Government and Power segment.
KBR, Inc. Declares Quarterly Cash Dividend, Payable on October 15, 2014
Jul 10 14
KBR, Inc. has declared a quarterly cash dividend of $0.08 per share on the company's common stock to be paid on October 15, 2014, to stockholders of record on September 15, 2014.
KBR, Inc. Elects Stuart J.B. Bradie to Board of Directors
Jul 8 14
Stuart J.B. Bradie, KBR's President and Chief Executive Officer was elected to its Board of Directors effective July 2, 2014. Mr. Bradie's term will expire at KBR's 2015 annual meeting of stockholders together with the terms of all of the other members of the Board of Directors. Mr. Bradie will not serve on any of the Board's committees.
KBR Wins Initial Five-Year Contract
Jul 7 14
KBR announced that it has been awarded an initial five-year contract (with options for four additional years) by the Australian Defence Force (ADF) to provide the Capability Support Coordinator (CSC) services for the Canberra Class Landing Helicopter Dock (LHD) ships. The CSC contract will provide configuration management, data management, maintenance monitoring, engineering and supply support services, all within an Asset Management framework to meet the technical integrity, seaworthiness and mission preparedness of the Landing Helicopter Dock ships. KBR has engaged Rolls-Royce Australia Services Pty Limited to work with KBR to deliver these services. The LHD ships will be the large vessels ever constructed for the Australian Defence Force (ADF), and will be operated by the Royal Australian Navy (RAN). The two Canberra class LHDs, HMAS Canberra and HMAS Adelaide, can each transport over 1,100 troops, 100 armored vehicles and 12 rotary wing aircraft.