Fluor JV Wins Aussie Contract

A joint venture of Fluor Corporation’s (FLR) group company Fluor Australia Pty Ltd. and Sinclair Knight Merz (SKM), called the Fluor SKM Joint Venture (FAST JV), has been awarded a contract by BHP Billiton for implementing an Iron Ore Expansion Program of BHP in Western Australia. The work on the project involves expansion of the Jimblebar Mine.

In first-quarter 2011, Fluor booked approximately $3 billion for the Jimblebar project and for some other additional work. FAST JV has been involved in this project from its initial phase and through the current award will be supporting the next phase of the project.

Fluor has expertise in mining activities and its presence in Australia will aid in accomplishing the project goals. The company is the major majority foremost partner in the FAST JV.

BHP Billiton Iron Ore has been receiving engineering, procurement, construction management and commissioning services from FAST JV since 2001. The Jimblebar Project is being carried out and will be continued in the FAST JV office in Perth, Australia.

Acting through its subsidiaries, Fluor Corporation is one of the largest professional services firms, providing engineering, procurement, construction and maintenance as well as project management services on a global basis.

It serves a diverse set of industries worldwide including oil and gas, chemical and petrochemicals, transportation, mining and metals, power, life sciences and manufacturing. It is also a primary service provider to the U.S. federal government. The company’s prime competitor is Jacob’s Engineering Group (JEC).

We continue to maintain a Neutral rating on Fluor Corporation, with a Zacks #3 Rank (Hold recommendation) over the next one-to-three months.

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