Fluor Awarded Contract for New Fortress Energy Fast Liquefied Natural Gas (LNG) Project

Rhea-AI Summary

Fluor Corporation (NYSE: FLR) announced it received a full notice-to-proceed (FNTP) contract from New Fortress Energy Inc. for the NFE Fast LNG 2 project, which entails managing engineering, procurement, and fabrication for a 1.4 million tonnes per annum LNG plant on offshore platforms. The contract value remains undisclosed but will be recorded in Q2 2022. Notably, Fluor previously secured a similar contract, the Fast LNG 1, in Q1 2022, showcasing ongoing collaboration with NFE.

Positive

• Secured full notice-to-proceed contract for NFE Fast LNG 2 project.
• Contract enhances Fluor's position in the LNG sector with potential for future project replication.

Negative

• None.

Full notice-to-proceed for a 1.4 million tonnes per annum LNG gas treating and liquefaction plant

IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced today that it was awarded a full notice-to-proceed (FNTP) contract by New Fortress Energy Inc., for the engineering, procurement and fabrication management of the NFE Fast LNG 2 project. The project is a nominal 1.4 million tonnes per annum LNG gas treating and liquefaction plant to be placed on fixed offshore platforms. Fluor will book the undisclosed reimbursable contract value in the second quarter of 2022.

Photo of a midscale LNG plant installed on three fixed jacket offshore platforms (Photo: Business Wire)

“Fluor, in conjunction with key licensors and suppliers, provides NFE with an integrated modular mid-scale LNG export solution for these projects,” said Jim Breuer, Fluor’s Energy Solutions group president. “The Fluor design and execution plan facilitates repeatable project models that can be used to replicate similar plants in the future.”

The Fast LNG 2 project is another offshore modular mid-scale LNG plant that NFE has awarded to Fluor this year. The first NFE Fast LNG 1 project was awarded in the first quarter of this year and is a similar modular mid-scale design being installed on repurposed drilling jack-up rigs. This modular plant will be installed by others and available for dispatch to various locations around the world providing NFE the opportunity to access multiple gas supply sources.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better future by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 41,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $12.4 billion in 2021 and is ranked 259 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220711005576/en/

Brian Mershon

Media Relations

469.398.7621

Jason Landkamer

Investor Relations

469.398.7222

Source: Fluor Corporation

FAQ

What is the FLR contract awarded to New Fortress Energy for?

Fluor Corporation was awarded a full notice-to-proceed contract for the NFE Fast LNG 2 project, which involves engineering, procurement, and fabrication for a 1.4 million tonnes per annum LNG plant.

When will Fluor recognize the contract value for the NFE Fast LNG 2 project?

Fluor will book the undisclosed contract value in the second quarter of 2022.

How does the NFE Fast LNG 2 project relate to the previous contract Fluor received?

The NFE Fast LNG 2 project follows the Fast LNG 1 project awarded to Fluor in the first quarter of 2022, indicating a strong ongoing partnership.

What is the significance of the NFE Fast LNG 2 project for Fluor Corporation?

The NFE Fast LNG 2 project enhances Fluor's position in the LNG market and presents opportunities for future modular project developments.