Fluor 2005 Annual Report Download

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Global Growth Meeting the Challenge
2005 ANNUAL REPORT

Table of contents

  • Page 1
    Global Growth Meeting the Challenge 2005 ANNUAL REPORT

  • Page 2
    Fluor Corporation (NYSE: FLR) is one of the world's largest publicly owned engineering, procurement, construction, maintenance and project management companies. Over the past century, Fluor, through its operating subsidiaries, has become a trusted global leader in providing exceptional services and ...

  • Page 3
    ... market for construction and maintenance services, while our Government unit enjoyed another positive year with significant contributions from the Department of Energy (DOE), reconstruction work in Iraq and disaster recovery work for the Federal Emergency Management Agency (FEMA). The Power business...

  • Page 4
    ...full spectrum of upstream and downstream processing industries are plentiful, with major activity in the Middle East, Europe, Asia, Canada and the United States. Our clients plan to invest billions of dollars in expanding gas supplies, including new liquefied natural gas (LNG) capacity, and for the...

  • Page 5
    ... Our new facility in the Dallas suburb of Las Colinas is under construction and will be occupied in late April, 2006. Fluor will continue to have a significant engineering presence in Southern California. ACKNOWLEDGEMENTS AND APPRECIATION Alan L. Boeckmann Chairman and Chief Executive Officer March...

  • Page 6
    ... CORPORATION 2005 ANNUAL REPORT FLUOR CORPORATION is one of the world's largest engineering and construction companies that provide services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. The company's five strategic units...

  • Page 7
    FLUOR CORPORATION 2005 ANNUAL REPORT OIL & GAS Fluor has an extensive history of providing a full range of services on a worldwide basis to the oil and gas production and processing industries. Fluor performs projects of all sizes, but is one of the few companies with the global scope, experience ...

  • Page 8
    FLUOR CORPORATION 2005 ANNUAL REPORT 6

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    ... investment. Fluor's strong program management skills and global experience make the company particularly well suited to perform the role of overall program manager. In addition, Fluor often secures the full engineering, procurement and construction (EPC) responsibility for certain process units and...

  • Page 10
    ... Saudi Arabia and Kuwait are in the development stages, with others being considered in Russia, China, Europe and South America. Fluor is performing the front-end engineering for a new 450,000 barrel per day Kuwait refinery, and is performing numerous refinery modernization projects around the world...

  • Page 11
    .... Fluor is the managing contractor for Shell's Ultra Low Sulphur Diesel Project, which reduces the sulphur content in their diesel fuel. The project consists of two grassroots diesel hydtrotreater units at Shell's Montreal East refinery and Shell's Scotford refinery in Fort Saskatchewan, Canada...

  • Page 12
    FLUOR CORPORATION 2005 ANNUAL REPORT 10

  • Page 13
    FLUOR CORPORATION 2005 ANNUAL REPORT NEW AWARDS & BACKLOG (dollars in billions) â- new awards â- backlog Fluor's Industrial & Infrastructure (I&I) business segment serves a broad range of diversified markets, including life sciences, mining, general manufacturing, transportation, commercial & ...

  • Page 14
    ... the construction manager and general contractor for the $1 billion World Trade Center Transportation Hub project in New York City. Fluor continues to make significant progress on its ongoing road and rail projects in the United States and Europe, including the SH-130 highway in Austin,Texas. Ahead...

  • Page 15
    FLUOR CORPORATION 2005 ANNUAL REPORT Fluor's telecommunications backlog improved during the year with the award of a $500 million contract from the U.K. Highways Agency to provide design and construction services for the upgrade and maintenance of telecommunications systems throughout England's ...

  • Page 16
    FLUOR CORPORATION 2005 ANNUAL REPORT 14

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    ... CORPORATION 2005 ANNUAL REPORT Fluor's Government business segment has a long-standing track record of outstanding performance working for the U.S. Government, particularly the Department of (top left) The last major project before completing the Fernald cleanup is treating, packaging and shipping...

  • Page 18
    FLUOR CORPORATION 2005 ANNUAL REPORT 16

  • Page 19
    ... 2003 2004 2005 maintenance costs and maximize plant productivity. During 2005, the group expanded its international presence, adding several new clients and project sites in Europe and Asia. Fluor's O&M business also includes Plant Performance Services (P2S ) and TRS® Staffing SM Solutions. P2S...

  • Page 20
    FLUOR CORPORATION 2005 ANNUAL REPORT 18

  • Page 21
    ... Oxides (NOx). Fluor provided EPC services for the SCR equipment for three units at the Ghent Generating Station in Kentucky. Fluor is finalizing its strategy to respond to this emerging market, and believes that its strengths in project management, construction, construction management and quality...

  • Page 22
    FLUOR CORPORATION 2005 ANNUAL REPORT NEW AWARDS AND BACKLOG DATA NEW AWARDS BY SEGMENT Year ended December 31 (in millions) Dollars 2005 Percent Dollars 2004 Percent Dollars 2003 Percent Oil & Gas Industrial & Infrastructure Government Global Services Power Total new awards $4,430 2,350 ...

  • Page 23
    ... 17,564 11,447 29,011 In September 2001, the company adopted a plan to dispose of certain non-core construction equipment and temporary staffing businesses.The assets, liabilities and results of operations of non-core businesses for all periods presented have been reclassified and are presented as...

  • Page 24
    ... 2005 ANNUAL REPORT OFFICERS ALAN L. BOECKMANN Chairman of the Board and Chief Executive Officer (1979) SENIOR OFFICERS RAY F. BARNARD OTHER CORPORATE OFFICERS DAVE MARVENTANO Vice President and Chief Information Officer (2000) DAVID E. CONSTABLE Senior Vice President, Government Relations...

  • Page 25
    FLUOR CORPORATION 2005 ANNUAL REPORT BOARD OF DIRECTORS ALAN L. BOECKMANN DEAN R. O'HARE 57, is chairman of the board and chief executive officer. He also serves as a director of Burlington Northern Santa Fe and Archer Daniels Midland Company. (2001) (1) 63, is the retired chairman and chief ...

  • Page 26
    FLUOR CORPORATION 2005 ANNUAL REPORT Understanding our Form 10-K PROMOTING TRANSPARENCY FOR OUR SHAREHOLDERS Fluor is committed to providing clear insight into all aspects of financial performance in order to help investors understand our business. Our 2005 Annual Report includes the complete ...

  • Page 27
    ... are mailed on or about March 16, 2006. Fluor's annual meeting of shareholders will be held at 9:00 a.m. CDT on May 3, 2006 at 6700 Las Colinas Boulevard, Irving,Texas. STOCK TRADING Fluor's stock is traded on the New York Stock Exchange. Common stock domestic trading symbol: FLR. COMPANY CONTACTS...

  • Page 28
    Fluor Corporation 6700 Las Colinas Blvd. Irving,Texas 75039 fluor.com