Fluor Awarded Two Contracts for the BASF Zhanjiang Verbund Site Project in China

Rhea-AI Summary

Fluor Corporation (NYSE: FLR) has secured two engineering, procurement, and construction management contracts from BASF, valued at over $2 billion. These contracts are part of BASF's new Verbund program in Zhanjiang, Guangdong, China, and are expected to enhance Fluor's longstanding client relationship. The project scope includes the ethylene oxide/ethylene glycol unit and infrastructure utilities, supported by Fluor's Shanghai office. This contract adds to Fluor's significant history of projects with BASF over the past two decades.

Positive

• Secured over $2 billion in contracts from BASF, enhancing revenue outlook.
• Continued partnership with BASF reflects strong client relationships.
• Diverse project scope, including ethylene glycol and infrastructure components, indicates business growth.

Negative

• None.

IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced today that the company was awarded two reimbursable engineering, procurement and construction management contracts by BASF for the ethylene oxide/ethylene glycol and infrastructure, offsites and utilities packages as part of the company’s new Verbund program in Zhanjiang, Guangdong province, China. The contract value to Fluor is more than $2 billion and was booked in the third quarter of 2022.

“Over the past 20 years, Fluor has executed a significant amount of work with BASF in China,” said Jim Breuer, group president of Fluor’s Energy Solutions business. “Fluor values this longstanding relationship and looks forward to continuing this trusted partnership.”

Fluor’s project scope of work for BASF’s Zhanjiang Verbund site project consists of two primary packages including the ethylene oxide/ethylene glycol derivative unit and the infrastructure, offsites and utilities scope, comprised of site infrastructure, utility generation and site logistics. Fluor is also performing services as part of the centralized program management team activities.

The project will be led by Fluor’s Shanghai, China, office.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221003005202/en/

Brian Mershon

Media Relations

469.398.7621

Jason Landkamer

Investor Relations

469.398.7222

Source: Fluor Corporation

FAQ

What contracts did Fluor Corporation secure recently?

Fluor Corporation secured two engineering, procurement, and construction management contracts from BASF, valued at over $2 billion.

What is the value of Fluor's recent BASF contracts?

The contracts awarded to Fluor by BASF are worth more than $2 billion.

Where is Fluor's new project for BASF located?

The new project for BASF is located in Zhanjiang, Guangdong, China.

What will Fluor do in the BASF Verbund program?

Fluor's scope includes the ethylene oxide/ethylene glycol unit and infrastructure utilities as part of the BASF Verbund program.

When was the contract for BASF awarded to Fluor?

The contract was booked in the third quarter of 2022.