Jacobs Receives Contract From IOT Infrastructure & Energy Services for Cavern Project

Crude Oil Storage Facility to be built in Visakhapatnam, India

Aug 31, 2010, 07:45 ET from Jacobs Engineering Group Inc.

PASADENA, Calif., Aug. 31 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today that it received a contract from IOT Infrastructure & Energy Services Ltd. (IOT) (formerly Indian Oiltanking) to provide engineering services for the Cavern Project to be built for Indian Strategic Petroleum Reserves Limited (ISPRL). The project is for the storage of crude oil in Visakhapatnam, India.

Officials did not disclose the contract value, however they indicated that the total installed cost of the project is estimated at US$65 million. IOT is executing the project on an EPC basis for ISPRL. Jacobs will perform engineering services from their offices in India.

In making the announcement, Jacobs Group Vice President Chris Nagel stated, "We are delighted to continue serving IOT and ISPRL to help them meet their customers' expectations."

Indian Oiltanking, founded in 1997, is a joint venture between Indian Oil Corporation Limited and Oiltanking GmbH.

Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services.

Any statements made in this release that are not based on historical fact are forward-looking statements. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2009 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We also caution the readers of this release that we do not undertake to update any forward-looking statements made herein.

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For additional information contact:

Michelle Jones


SOURCE Jacobs Engineering Group Inc.