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JACOBS ENGINEERING NAMED PARTICIPANT IN DOE'S STRATEGIC PETROLEUM RESERVE PROGRAM

 PASADENA, Calif., Nov. 24 ~PRNewswire~ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today that DynMcDermott Petroleum Operations Co., a company partly owned by Jacobs, submitted the apparent winning proposal to manage and operate the Strategic Petroleum Reserve.
 The pending contract has an estimated value of $620 million. Subject to successful contract negotiations, work will begin in April 1993.
 Jacobs will support this program with engineering, construction, maintenance, and environmental safety and health services. The company estimates these services to be worth approximately $67 million over the anticipated five-year contract duration.
 Jacobs previously provided related management and engineering services for the Strategic Petroleum Reserve from 1979 to 1984. During that time, the company worked at six reserve sites, performing some 2,000 separate tasks involving up to 1 1~2 million manhours.
 The Strategic Petroleum Reserve is the nation's emergency oil stockpile. It currently holds more than 570 million barrels of crude oil in salt caverns located along the Texas and Louisiana Gulf Coast and is being filled at a rate of 20,000 barrels per day.
 DynMcDermott is a company jointly owned by Jacobs; DynCorp of Reston, Va.; McDermott Inc., of New Orleans; and International Matex Tank Terminals of New Orleans.
 Jacobs Engineering Group, headquartered in Pasadena, provides single-source consulting, engineering, design, architectural, environmental and hazardous waste management, procurement, construction, construction management, contract maintenance and operations services to government and industry worldwide. Jacobs has 23 offices located throughout the United States including two major offices in Baton Rouge, La., and Houston.
 -0- 11~24~92
 ~CONTACT: Robert Clement of Jacobs Engineering, 818-578-6902~
 (JEC)


CO: Jacobs Engineering Group Inc.; DynMcDermott Petroleum
 Operations Co. ST: California IN: OIL SU: CON


LS-JL -- LA008 -- 0884 11~24~92 08:32 EST
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Publication:PR Newswire
Date:Nov 24, 1992
Words:287
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