Revenues down at Bechtel

Privately-held US contractor Bechtel reported a -9% drop in revenues for 2010 to US$ 27.9 billion - a result which the company described as "solid".

Bechtel said it "weathered rough economic waters" in 2010. The company, which does not report profits, said its project revenue backlog fell -5% to US$ 78 billion in 2010, but its new work order book had risen +5% to US$ 21.3 billion.

Bechtel said each of its business segments - civil, power, government services, mining & metals and oil, gas & chemicals - had performed well during 2010. The company's power business formed an alliance with Babcock & Wilcox (B&W) to design and deploy B&W's small modular nuclear reactors, while Bechtel said the oil, gas & chemicals unit is capitalising on the growth of the liquefied natural gas (LNG) market with the start of two new LNG projects in Australia.

The company said forecasting was "difficult" due to continued economic uncertainty, but it described itself as "well-positioned for the future".