BOSTON--(BUSINESS WIRE)--May. 19, 2009--CRA International, Inc. (NASDAQ: CRAI), a worldwide leader in providing management, economic, and financial consulting services, today announced that the Company advised the government of Jordan in the structuring and negotiation of an oil shale concession agreement that will allow Jordan Oil Shale Company BV (JOSCo), a wholly owned affiliate of Royal Dutch Shell plc, to explore and potentially develop oil shale resources in Jordan. The concession agreement was signed in Amman on May 17, 2009. It will be submitted to the Jordanian Parliament, and, subject to its approval, passed into law.
The concession agreement provides JOSCo the right, under a tax and royalty regime, to use Shell’s proprietary oil shale in-situ conversion process technology to assess and develop subsurface oil shale deposits that may be suitable for production. The concession agreement is designed so that Jordan will receive early benefits, including agreed fiscal revenues for each project phase, local employment and procurement opportunities, development of Jordanian oil shale expertise, and infrastructure investments. Jordan’s oil shale deposits are approximately the fourth largest in the world.
CRA provided commercial advice to the government to develop an effective deal structure which is sustainable throughout the duration of the concession agreement. The advice focused on promoting successful resource development through effective sharing of project revenue and management and mitigation of project risks.
James C. Burrows, CRA's President and Chief Executive Officer, said, “CRA has been actively engaged in a number of advisory consulting assignments for the exploration and development of natural resources throughout the Middle East. Jordan’s concession agreement allows for the use of a new technology in the exploration of one of the world’s largest oil shale deposits, and we are pleased to have been able to offer the expertise of our consultants to help broker this agreement.”
Dr. Maher Hijazin, the Director General of the Natural Resources Authority, added, “The development of these domestic oil shale deposits is an important element of Jordan’s national energy policy. The ultimate objective is to produce clean high quality transportation fuels and other energy products from Jordan’s oil shale resources in a responsible manner. We believe this agreement effectively balances the benefits for commercial exploration of Jordan’s natural resources with the needs of the Jordanian people and sustainable development.”
CRA worked in partnership with Trowers & Hamlins on this project. Trowers & Hamlins, an international law firm with offices throughout the United Kingdom and the Middle East, served as legal advisor to the government of Jordan. Trowers & Hamlins and CRA have worked together on several other successful assignments advising the government of Jordan. The two firms are currently advising on a series of smaller oil shale concessions. They also collaborated on the Jordan Gas Transmission Pipeline project and the related long-term purchase of Egyptian gas; the development of Jordan’s Energy Master Plan; restructuring of the Natural Resources Authority; and early stage development of Jordan’s wind energy projects.
CRA consultants in Bahrain and London advised on the concession agreement, led by Vice President Nicholas Braley and Principal Richard Bass.
About CRA International
Founded in 1965, CRA International is a leading global consulting firm that offers business management, economic and financial expertise to major law firms, businesses, accounting firms and governments. CRA's consultants combine uncommon analytical rigor with practical experience and in-depth understanding of industries and markets. CRA is adept at handling critical, tough assignments with high-stakes outcomes. CRA's analytical strength enables it to reach objective, factual conclusions that help clients make important business and policy decisions and resolve critical disputes. Headquartered in Boston, CRA has offices throughout North America, Europe, the Middle East and Asia. Detailed information about CRA is available at http://www.crai.com.
Statements in this press release concerning the expected use of CRA’s expertise, the JOSCo concession agreement, the future business, operating results, estimated cost savings, and financial condition of the Company and statements using the terms “anticipates,” “believes,” “expects,” “should,” or similar expressions, are “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and are subject to a number of factors and uncertainties. Information contained in these forward-looking statements is inherently uncertain and actual performance and results may differ materially due to many important factors. Such factors that could cause actual results to differ materially from any forward-looking statements made by the Company include, among others, the Company’s restructuring costs and attributable annual cost savings, changes in the Company’s effective tax rate, share dilution from the Company’s convertible debt offering and stock-based compensation, dependence on key personnel, attracting and retaining qualified consultants, dependence on outside experts, utilization rates, factors related to its acquisitions, including integration of personnel, clients, offices, and unanticipated expenses and liabilities, the risk of impairment write downs to the Company’s intangible assets, including goodwill, if the Company’s enterprise value declines below certain levels, risks associated with acquisitions it may make in the future, risks inherent in international operations, the performance of NeuCo, changes in accounting standards, rules and regulations, changes in the law that affect its practice areas, management of new offices, the potential loss of clients, the ability of customers to terminate the Company’s engagements on short notice, dependence on the growth of the Company’s business consulting practice, the unpredictable nature of litigation-related projects, the ability of the Company to integrate successfully new consultants into its practice, general economic conditions, intense competition, risks inherent in litigation, and professional liability. Further information on these and other potential factors that could affect the Company’s financial results is included in the Company’s filings with the Securities and Exchange Commission. The Company cannot guarantee any future results, levels of activity, performance or achievement. The Company undertakes no obligation to update any of its forward-looking statements after the date of this press release.
Source: CRA International, Inc.
CRA International, Inc.
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