Fluor Forms New Business Unit to Focus on Offshore Market

Fluor Offshore Solutions Ready to Address Global Oil & Gas Needs

Wednesday, December 3, 2008 6:00 pm EST

Dateline:

IRVING, Texas

Public Company Information:

NYSE:
FLR
US3434121022

IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that it has formed a dedicated business unit within its Upstream business line to address the specific needs of its global oil & gas clients in the offshore market. The entity will be known as Fluor Offshore Solutions and build off the company’s strong history of project execution on complex and remote offshore projects around the globe. The Fluor Offshore Solutions business unit will be headquartered in Fluor’s Sugar Land, Texas, location. It will also have offices in Trinidad, Abu Dhabi and Manila and leverage Fluor's global office network to offer execution capability around the world.

Fluor is a well-known entity in the offshore market dating from the 1960s when it performed work under the Fluor Ocean Services’ banner. The company maintained that strong reputation in the offshore industry by providing key engineering and construction services on a number of projects in the ensuing decades. In recent years, Fluor performed significant roles on a number of high-profile offshore projects for a variety of clients around the world. Those projects include:

  • Kizomba A and B in West Africa;
  • Bayu Undan between Australia and East Timor;
  • Bleo Holme in the North Sea;
  • Enfield off the Northwest Cape of Australia;
  • Bohai Bay off the coast of China; and
  • Cannonball and Poinsettia projects in Trinidad.

To execute Fluor’s offshore strategy, the company has appointed Skip Alvarado to lead this business unit and leverage personnel and assets across the entire Fluor network. Additionally, Bimal Parikh will lead the business development efforts for the new business unit focusing on prospect screening, customer and partner relationships, and overall strategic planning.

“Our team is well-suited to serve the needs of our offshore clients. They have a depth of industry knowledge that is rarely surpassed,” said David Seaton, president of Fluor’s Energy & Chemicals business group. “While oil prices have come down from their highs this past summer, we know that our clients will continue to have the need to go to more remote and harsh environments to access oil & gas. We are dedicating the people and financial resources to make this new business unit a strong industry player for years to come.”

“To take advantage of Fluor’s vast offshore experience in program and project management, engineering, procurement and construction, we are now putting all those resources under one roof,” said Skip Alvarado, vice president and head of Fluor Offshore Solutions. “We intend to vigorously pursue opportunities around the world, and our industry-leading project management systems and safety performance record position us well for this expanding market.”

Fluor Offshore Solutions will continue to offer its clients of all sizes a wide range of services including: studies, engineering, procurement, fabrication, installation, commissioning and other related services.

Fluor Corporation (NYSE: FLR) provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 500 company with revenues of $16.7 billion in 2007. For more information visit www.fluor.com.

(FLRG)

Contact:

Fluor Corporation
Media Relations:
Keith Stephens, 469-398-7624
or
Brian Mershon, 469-398-7621
or
Investor Relations:
Ken Lockwood, 469-398-7220
or
Jason Landkamer, 469-398-7222

   

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