Fluor 2011 Annual Report Download - page 6

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Our success in building our position in key markets was very evident this year. In our Industrial &
Infrastructure group, mining and metals continued to be an area of substantial strength. We won a number
of major new awards, including ongoing work for BHP Billiton in Australia and initial work on the
Simandou iron ore project for Rio Tinto in Guinea, as well as a number of significant copper projects in
Canada, Chile and Peru. Our Oil & Gas group was able to grow their backlog this year, with the award of a
large petrochemical project for Sadara, a joint venture between Dow Chemical and Saudi Aramco,
additional work for the oil sands industry in Canada, and new projects in Kazakhstan, Russia and
Australia. The Power group also made solid progress in 2011. After completing several major projects over
the past two years, this group replenished their backlog with the award of a new combined-cycle gas-fired
plant in Texas, an environmental compliance program for Luminant and new solar work for clients in the
United States. Our Government group is performing very well, with their long-term contracts adding
considerable stability and predictability to our profit stream. We believe that our substantial LOGCAP
work in Afghanistan will continue at current levels at least through 2013. Our Global Services group
posted double-digit growth in 2011, and they are poised to respond to an improving economic picture
which will undoubtedly have a positive effect on their markets.
LOOKING FORWARD
Fluor supports the vast energy and commodities markets that allow the world’s populations to grow,
advance and prosper, and we are confident that demand for our services will continue to expand. As
projects get larger and more complex, our ability to execute, and the decades we have spent developing
quality client relationships, will bolster our market position. Fluor will continue to think globally and focus
on local execution. While much of our growth will continue to come through organic expansion, we are
mindful to look for niche acquisitions that can improve shareholder value over the long term. Our future is
bright, and we will continue to build our backlog, our financial strength and our talent base.
Fluor builds projects, and our success is built on the strengths of our people. We will strive to be the
benchmark of dependability, expertise and safety to our customers, to be an employer of choice, to have a
positive and sustainable impact on the quality of life for our communities, and to consistently deliver
superior earnings growth and return on capital to our shareholders.
Our first 100 years was characterized by great leadership and great accomplishments. We have a
responsibility to honor that heritage, and I can assure you that we have the same passion today as our
predecessors. We have built a century of achievement upon a foundation of excellence. As expert builders,
we know that a solid foundation is critical to support a future of continued growth and success.
4 FLUOR CORPORATION
DAVID T. SEATON
Chairman and Chief Executive Officer
Fluor Corporation
March 9, 2012