Fluor Awarded Series of Contracts by Ma'aden-Alcoa Joint Venture

Tuesday, May 25, 2010

Fluor Corporation (NYSE: FLR) announced today that the company won a series of contracts from the joint venture comprising Saudi Arabian Mining Company, also known as Ma'aden, and Alcoa, to provide program management consultancy (PMC) and engineering, procurement and construction management (EPCM) services for a number of projects related to the development of the integrated Ras Az'Zawr aluminum complex. The estimated $10.8 billion super-project will include a bauxite mine, alumina refinery, aluminum smelter and rolling mill. In the second quarter of 2010, Fluor expects to book approximately $3 billion covering four separate scopes of work for the Ras Az'Zawr complex.

Fluor's scopes of work will include the following:

• Provide overall PMC services for the development of the entire Ras Az'Zawr aluminum complex;
• Provide EPCM services, in a 50:50 joint venture with Australia's WorleyParsons, for the mine and alumina refinery with an expected delivery date of fourth quarter of 2013;
• Provide stand-alone EPCM services for the site's rolling mill also with an expected delivery date of fourth quarter of 2013; and
• Provide stand-alone EPCM services for Ras Az'Zawr site's integrated infrastructure.

"The mining & metals sector continues to be a bright spot for Fluor and the commencement of this significant project in a key region of the world is another sign of the strengthening global economic recovery," said David Seaton, Fluor Corporation's chief operating officer.

"We are extremely proud of our team for winning this prestigious project in the Kingdom. The Ma'aden-Alcoa joint venture has expressed great confidence in our team by the size and scope of these awards and we look forward to helping them implement their vision to realize one of the world's largest, vertically integrated metals projects," said Dwayne Wilson, group president of Fluor's Industrial business.

Fluor will execute the engineering for the Ras Az'Zawr projects from its offices in Al Khobar, Saudi Arabia; New Delhi, India; and Greenville, South Carolina; with support from other global Fluor locations. Once completed, the super-project will include a bauxite mine with an annual capacity of 4 million tons at Al Ba'itha, a 1.8 million tons-per-year refinery, a 740,000 tons-per-year smelter, and a rolling mill with a capacity of up to 460,000 tons.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenues of $22 billion in 2009. For more information visit www.fluor.com.

 

Source: Fluor