KBR announces sale of DML shipyard business

Houston-based engineering and construction services firm KBR along with fellow shareholders the Weir Group and Balfour Beatty, announced that they have agreed to sell their interests in Devonport Management Limited (DML) to Babcock International Group plc for total proceeds of £350 million. KBR’s ownership in DML is 51%. The transaction is expected to close within 60 days, subject to customary closing conditions including Babcock shareholder approval. DML, through its subsidiary Devonport Royal Dockyard, is the primary dockyard performing refuelling and related maintenance for the UK’s nuclear submarine fleet.