Oil & gas work drives Fluor revenues and orders

Fluor’s revenues for 2013 fell -1% on the previous year to US$ 27.4 billion. However the company saw a +46% rise in net profits to US$ 668 million.

Commenting on the results, chairman and CEO David Seaton said, “Our financial results for 2013 met our expectations, and we continue to be very encouraged by the significant and sustained progress of our Oil & Gas Group. For 2014 we are tracking a number of mega-project opportunities globally in oil & gas, as well as large infrastructure and power prospects in their target markets.”

Revenues at Fluor’s Oil & Gas business grew +21% last year to US$ 11.5 billion and profits were up +32% to US$ 441 million. In contrast the Industrial and Infrastructure business saw revenues fall -16% to US$ 11.1 billion, although at US$ 476 million, profits were much better than in 2012 as the previous year had been affected by a US$ 416 million charge from an unfavourable arbitration ruling.

The company’s order intake for the year was US$ 25.1 billion, which was an -8% fall on 2012’s value of work won. As a result, Fluor’s order backlog was -9% lower at the end of 2013 compared to 2012, at US$ 34.9 billion.

Fluor said that just over half the new work it had won last year – US$ 12.9 billion worth – was in its Oil & Gas business. Its Industrial & Infrastructure division landed US$ 6.6 billion of contracts, there was US$ 4.1 billion of work won by its Government division and US$ 1.5 billion in the Power sector.