Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Fluor Expects More Than $8.3 Billion in 2012 Oil, Gas Awards

June 7 (Bloomberg) -- Fluor Corp., the largest publicly traded U.S. engineering and construction company, expects to win more than $8.3 billion in new oil and gas business this year, boosted by contracts in North America.

“It’s still a highly competitive market, but we expect to see growth in awards in 2012,” Peter Oosterveer, president of Fluor’s energy and chemicals unit, said in an interview today in Kuala Lumpur, where he’s attending an industry conference. “We expect 2012 to start to show an inflection point.”

The pace of oil and gas awards, which totaled $3.9 billion during the first quarter, may not be sustained in the full year, he said. New awards won by Irving, Texas-based Fluor fell to $8.3 billion in 2011 from $9.7 billion the previous year.

North America, especially Canada, is set to make the biggest contribution to growth in the energy unit this year, he said. Contracts in the first quarter included two refining projects for Reliance Industries Ltd. in India and oil sands work in Canada.

Fluor, which had cash, plus securities, of $2.7 billion at the end of the first quarter, may seek small acquisitions in the energy business this year, he said.

“You probably won’t see us going on a buying spree like some of our competitors,” Oosterveer said. “What you could expect us to do is be selective and do some niche acquisitions in some places,” including Latin America.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.