HOUSTON–(EMWNews)–KBR (NYSE:KBR) today announced that its Board of Directors authorized a

program to repurchase up to five percent of its outstanding common stock.

Additionally, its board of directors has declared a quarterly cash

dividend of five cents ($0.05) per share on the company’s common stock,

payable October 15, 2008, to shareholders of record at the close of

business on September 15, 2008.

“Providing value to our shareholders remains

an objective for KBR. Our financial strength affords us the opportunity

to return capital to our shareholders and achieve an efficient return on

capital,” said William P. Utt, KBR Chairman,

President, and Chief Executive Officer. “This

share repurchase program underscores our continued confidence in KBR’s

prospects for long-term profitable growth.”

The shares may be repurchased from time to time in the open market or

through privately negotiated transactions at the company’s

discretion, subject to market conditions, and in accordance with

applicable regulatory requirements.

The program does not obligate the company to acquire any particular

amount of common stock and may be commenced, suspended or discontinued

at any time or from time to time without prior notice. The share

repurchase program will be funded through the company’s

current cash position. As of July 28, 2008, KBR has approximately 170

million shares outstanding.

KBR is a global engineering, construction and services company

supporting the energy, petrochemicals, government services and civil

infrastructure sectors. The company offers a wide range of services

through its Downstream, Government and Infrastructure, Services,

Technology, Upstream and Ventures business segments. For more

information, visit www.kbr.com.

This news release contains “forward-looking

statements.” All statements other than

statements of historical fact are, or may be deemed to be,

forward-looking statements. Forward-looking statements include

statements about the discussions of KBR’s

business strategies and KBR’s expectations

concerning future operations, profitability, liquidity, and capital

resources. You can generally identify forward-looking statements by

terminology such as “anticipate,”

“believe,” “continue,”

“could,” “estimate,”

“expect,” “forecast,”

“goal,” “intend,”

“may,” “objective,”

“plan,” “potential,”

“predict,” “projection,”

“should” or other

similar words. These statements relate to future events or future

financial performance and involve known and unknown risks, uncertainties

and other factors that may cause actual results, levels of activity,

performance or achievements to differ materially from those in the

future that are implied by these forward-looking statements. Many of

these factors cannot be controlled or predicted. These risks and other

factors include those described under “Risk

Factors” in KBR’s

Annual Report on Form 10-K dated February 26, 2008, final prospectus for

its exchange offer dated March 27, 2007, subsequent Forms 10-Q, recent

Current Reports on Forms 8-K, and other Securities and Exchange

Commission filings. Those factors, among others, could cause KBR’s

actual results and performance to differ materially from the results and

performance projected in, or implied by, the forward-looking statements.

As you read and consider this news release, you should carefully

understand that the forward-looking statements are not guarantees of

performance or results. KBR cautions you that assumptions, beliefs,

expectations, intentions and projections about future events may and

often do vary materially from actual results. Therefore, KBR cannot

assure you that actual results will not differ materially from those

expressed or implied by forward-looking statements.

The forward-looking statements included in this news release are made

only as of the date of this document. New risks and uncertainties arise

from time to time, and KBR cannot predict those events or their impact.

KBR assumes no obligation to update any forward-looking statements after

the date of this news release as a result of new information, future

events or developments, except as required by the federal securities

laws.

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