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Fluor, AMEC Form Joint Venture to Support Reconstruction of Iraqi Oil Industry
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01/16/2005
Fluor Corporation (NYSE: FLR) today announced it has formed Fluor/AMEC, a joint venture with AMEC plc, Britain's leading engineering and construction firm, to undertake contracts to rebuild Iraq's oil industry. The U.S. Army Corps of Engineers is soon expected to ask for bids to refurbish Iraq's petroleum operations. The joint venture brings together the resources of two of the largest diversified engineering services companies in the United States and Britain respectively. Fluor will own 51 percent of the joint venture; AMEC will own 49 percent. "The joint venture integrates the expertise of two organizations with considerable history in Middle East oil fields," said Alan Boeckmann, Fluor chairman and chief executive officer. "It offers a comprehensive set of skills, resources and experience, including upgrading, refurbishment, overhauls and the re-instatement of complex capital assets -- all critical to quickly restoring Iraq's oil production capacity." "Fluor and AMEC have together 100 years experience of operating in the Middle East and have a great deal of Iraqi knowledge," said Sir Peter Mason, AMEC chief executive. "This joint venture will be able to benefit from the strong relationships that each parent company has with all the major multinational and national oil companies in the region, as well as substantial logistics and supply-chain capability with local/area contractors working in the Middle East." Boeckmann and Mason said that, should the joint venture win the Corps' rebuilding contract, they would expect to employ a significant percentage of Iraqis. They added that the revitalization of Iraq's petroleum operations will require the training of many non-oil field personnel for long-term careers in the industry. The joint venture builds on a successful long-term relationship first established in 1998. Fluor and AMEC are currently working together in the United States, Canada, Angola, South Korea and the Philippines. Boeckmann and Mason said that Fluor/AMEC offers proven project management and execution techniques with the ability to rapidly mobilize at an international level. AMEC plc provides engineering, design, project delivery and maintenance support to clients in the oil & gas; transport; infrastructure and industrial sectors. The company generates revenues of some 5.5 billion pounds sterling and works at the local, national and international levels, employing 50,000 people throughout the U.K., continental Europe, North America and some 40 countries worldwide. For more information, visit http://www.amec.com . Fluor Corporation (NYSE: FLR) provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. The company serves a diverse set of industries, ranging from oil and gas to infrastructure to healthcare and telecommunications. Headquartered in Aliso Viejo, Calif., Fluor is a Fortune 500 company with revenues of $10 billion (US) in fiscal year 2002. For more information, visit http://www.fluor.com .
Note: This release contains forward-looking statements regarding, among other things, potential opportunities for reconstruction and other work in Iraq. These forward-looking statements reflect current analysis of existing information. As a result, caution must be exercised in relying on forward- looking statements. Due to known and unknown risks, actual results may differ materially from expectations or projections. With respect to Fluor, additional information concerning these and other factors can be found in press releases as well as periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1. Business-Other Matters-Company Business Risks" in the Fluor's Form 10-K filed March 31, 2003. These filings are available either publicly or upon request from Fluor's Investor Relations Department: (949) 349-3909. Fluor disclaims any intent or obligation to update its forward-looking statements.
For further information please contact Media Relations, Jerry Holloway, +1-949-349-7411, or Lisa Boyette, +1-949-349-3652, or Investor Relations, Lila Churney, +1-949-349-3909, or Fax, +1-949-349-5375, all of Fluor Corporation; or Nick Welsh of AMEC Press Office, +44 20 7634 0024
