福陸公司Fluor Corporation (FLR) 2011年年度報告「NYSE」.pdf

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1、BUILDING2O11 ANNUAL REPORTfLUor corporatIoN 2O11 ANNUAL REPORT3/7/12 11:13 AMFLUOR CORPORATION(NYSE:FLR)is one of the worlds largest publicly traded engineering,procurement,construction,maintenance and project management companies.Over the past century,Fluor,through its operating subsidiaries,has be

2、come a trusted global leader in providing exceptional services and technical knowledge across a broad range of industries.Clients rely on Fluor to deliver world-class solutions that optimize their assets,improve their competitive position and increase their long-term business success.Consistently ra

3、ted as one of the worlds safest contractors,Fluors primary objective is to develop and execute projects on schedule,within budget and with excellence.Fluor is a FORTUNE 200 company with 43,000 employees operating globally.forward-looking StatementSThis annual report contains statements that may cons

4、titute forward-looking statements involving risks and uncertainties,including statements about our projected earning levels for calendar year 2012,market outlook,new awards,backlog levels,competition,the adequacy of funds to service debt,and implementation of strategic initiatives and organizational

5、 changes.These forward-looking statements reflect the Companys current analysis of existing information as of the date of this annual report and are subject to various risks and uncertainties.As a result,caution must be exercised in relying on forward-looking statements.Due to known and unknown risk

6、s,the Companys actual results may differ materially from our expectations or projections.Additional information concerning factors that may influence Fluors results can be found in the Form 10-K that follows this annual report,under the heading“Item 1A.Risk Factors.”table of contentSShareholder Lett

7、er.2At-A-Glance .6Oil&Gas .10Industrial&Infrastructure .16Historical Timeline .22 Government .26 Global Services .30Power .34New Awards and Backlog Data.36Selected Financial Data .37Board of Directors .38 Officers .39Project Photography .4029705cvr.indd 2This year Fluor will celebrate its 100th anni

8、versary.It has been a remarkable journey.In the decades since 1912,when John Simon Fluor founded the company in Santa Ana,California,we have grown to a worldwide force of 43,000 employees working on six continents.We have led the way in building some of the largest,most significant projects in human

9、 history.We have taken part in the birth of industries.We have built strong client relationships that last to this day.And through our work,we have changed millions of lives for the better.Indeed,reaching the 100-year mark is important to us,because it is not a finish line,but rather a momentous mil

10、estone along the road as we drive into the future.We are using the collective energy built over a century of experience to propel us forward.The principles,practices,adaptability and vision that carried us to this point are as powerful as ever within Fluor.We are building success upon our successes.

11、The last 100 years have been exhilarating.The next 100 promise to be even greater.29705narr.indd 13/1/12 4:45 PM This year,as we commemorate our 100th anniversary,I would like to thank you for being a vital part of our company and our success.This is certainly an extraordinary accomplishment for any

12、 company,yet at Fluor we see this as just the first leg of what we know will be a long and fruitful journey.Our anniversary falls at a tumultuous time in history.We are continuing to experience the worst economic climate in decades.We have a debt crisis in Europe,political unrest in parts of the wor

13、ld,volatile commodity prices,and an uncertain domestic energy policy,all falling in what is sure to be a hotly contested election year in the United States.But in the face of these challenges,we have weathered the storm.Our strategy to diversify,both geographically and by end-market,began many years

14、 ago.Fluors robust international business,representing nearly 80 percent of the backlog at the end of 2011,is a testament to our diversity.The insight of my predecessors has helped create a company that has not only survived,but thrived.I am pleased to report that Fluor has a growth story to tell an

15、d a strong one at that.During the year,we booked new awards totaling$26.9 billion,and our backlog rose to a new year-end high of$39.5 billion.Fluors revenue grew 12 percent to a record$23.4 billion,and earnings were strong at$594 million,or$3.40 per share.We have grown our business and have run it e

16、fficiently,as evidenced by our improving return on equity,which increased to 17 percent.Stability through Strong FundamentalS I look back on my first year as CEO with the confidence that the transition from my predecessor,Alan Boeckmann,has been seamless.We have maintained our core management team,a

17、nd the strategies that have made us successful are firmly in place.We have held our course,and Im confident we will continue to succeed because of the depth and experience of our team.Our balance sheet is strong,with$2.8 billion in cash and marketable securities at year-end,and we will continue to u

18、se it intelligently and strategically.This past year,we took advantage of our superior credit rating and record low interest rates to issue$500 million in long-term debt.This allowed us to bolster our cash position in the United States at a time when our businesses expanded internationally.We also a

19、ccelerated our stock buyback program in 2011,using strong cash flows from operations to repurchase$640 million worth of Fluor shares.We expect to continue to return cash to shareholders through share buybacks,on an opportunistic basis,based on our future cash flow generation.We paid dividends of$88

20、million,and at our most recent meeting,the Board of Directors authorized a 28 percent increase in the quarterly payout to$0.16 per share.building WorldWide Fluor has been built with the flexibility and adaptability required for global competition.Our strategically positioned global resource base has

21、 given us the ability to grow our portfolio despite continuing economic and political uncertainty in the United States and Europe.Due to our decades-long presence in key markets around the globe,we have the ability to quickly react to important trends.We are able to adapt and redeploy our people to

22、serve our clients where they need us.We see significant growth in the capital spending trends of our major industrial customers,which will continue to fuel growth opportunities for our company.Dear Valued Shareholders2 F L U O R C O R P O R A T I O N 29705narr.indd 23/1/12 4:45 PM2O1 1 A N N U A L R

23、 E P O R T 3“Fluor stands on a platform of global diversification,which has allowed us to build our portfolio in the face of formidable economic challenges.”09101118.527.426.9CONSOLIDATED NEW AWARDS(Dollars in Billions)09101126.834.939.5CONSOLIDATED BACKLOG(Dollars in Billions)0910113.751.983.40EARN

24、INGS PER SHARE(Dollars)0910112.6262.6072.761CASH&MARKETABLE SECURITIES(Dollars in Billions)29705narr.indd 33/1/12 4:45 PM Our success in building our position in key markets was very evident this year.In our Industrial&Infrastructure group,mining and metals continued to be an area of substantial str

25、ength.We won a number of major new awards,including ongoing work for BHP Billiton in Australia and initial work on the Simandou iron ore project for Rio Tinto in Guinea,as well as a number of significant copper projects in Canada,Chile and Peru.Our Oil&Gas group was able to grow their backlog this y

26、ear,with the award of a large petrochemical project for Sadara,a joint venture between Dow Chemical and Saudi Aramco,additional work for the oil sands industry in Canada,and new projects in Kazakhstan,Russia and Australia.The Power group also made solid progress in 2011.After completing several majo

27、r projects over the past two years,this group replenished their backlog with the award of a new combined-cycle gas-fired plant in Texas,an environmental compliance program for Luminant and new solar work for clients in the United States.Our Government group is performing very well,with their long-te

28、rm contracts adding considerable stability and predictability to our profit stream.We believe that our substantial LOGCAP work in Afghanistan will continue at current levels at least through 2013.Our Global Services group posted double-digit growth in 2011,and they are poised to respond to an improv

29、ing economic picture which will undoubtedly have a positive effect on their markets.Looking Forward Fluor supports the vast energy and commodities markets that allow the worlds populations to grow,advance and prosper,and we are confident that demand for our services will continue to expand.As projec

30、ts get larger and more complex,our ability to execute,and the decades we have spent developing quality client relationships,will bolster our market position.Fluor will continue to think globally and focus on local execution.While much of our growth will continue to come through organic expansion,we

31、are mindful to look for niche acquisitions that can improve shareholder value over the long term.Our future is bright,and we will continue to build our backlog,our financial strength and our talent base.Fluor builds projects,and our success is built on the strengths of our people.We will strive to b

32、e the benchmark of dependability,expertise and safety to our customers,to be an employer of choice,to have a positive and sustainable impact on the quality of life for our communities,and to consistently deliver superior earnings growth and return on capital to our shareholders.Our first 100 years w

33、as characterized by great leadership and great accomplishments.We have a responsibility to honor that heritage,and I can assure you that we have the same passion today as our predecessors.We have built a century of achievement upon a foundation of excellence.As expert builders,we know that a solid f

34、oundation is critical to support a future of continued growth and success.4 F LU O R CO R P O RAT I O N DAVID T.SEATONChairman and Chief Executive OfficerFluor CorporationMarch 9,201229705narr.indd 43/6/12 12:05 PM2O1 1 A N N UA L R E P O RT 529705narr.indd 53/2/12 12:45 PMOil&GasOil&Gas provides en

35、gineering,procurement,construction and construction management(EPC/EPCM)services for some of the largest and most complex upstream,downstream and petrochemical projects in the world.The group designs and builds processing plants,refineries,pipelines,offshore facilities and other energy assets in rem

36、ote and challenging locations around the globe.At-A-GlAnceIndustrial&InfrastructureIndustrial&Infrastructure helps to buildthe very foundation of modern societiesand economies.The group providesmanagement,engineering,procurement,construction and maintenance solutions to the mining and metals,highway

37、 and rail transit,aviation,heavy civil,manufacturing and life sciences industries all over the world.GovernmentGovernment provides logistics services,base and facilities operations and maintenance,contingency response,and environmental and nuclear services support to the U.S.government.Several agenc

38、ies rely on the groups immense competencies,including the Departments of Defense,Energy and Homeland Security.6 F LU O R CO R P O RAT I O N 29705narr.indd 63/2/12 12:45 PMPowerPower designs,builds,commissions and retrofits facilities to meet the worlds demand for electricity.The group is a partner o

39、f choice on power generation projects across all fuel types and technologies,including fossil fuels,renewables and nuclear,and is an expert in environmental compliance and emissions retrofit work.Global ServicesGlobal Services provides a wide array of solutions to help industrial clients optimize th

40、eir performance.The group offers facility management,site-based maintenance,plant engineering,industrial fleet and equipment services,small capital construction,and professional staffing.Fluor offers a full range of services spanning five business groups and six continents.This diversified model all

41、ows us to address the specific needs of our many end markets by harnessing the tremendous strengths of our global network.This level of versatility and teamwork supports our reputation for taking complex megaprojects from concept to completion even as economic and competitive dynamics change.2O1 1 A

42、 N N UA L R E P O RT 713%15%16%22%24%6%34%15%41%34%41%7%3%15%7%3%Oil&GasGovernmentIndustrial&InfrastructureGlobal ServicesPower22%16%24%15%United StatesCanadaAustraliaLatin America6%2%13%2%EuropeAsia PacificMiddle EastAfricaREVENUE BY SEGMENTCONSOLIDATED BACKLOG BY REGION2%2%29705narr.indd 73/2/12 1

43、2:46 PM8 F L U O R C O R P O R A T I O N 29705narr.indd 83/1/12 4:45 PMeXcellenceCelebrating 100 Years2O1 1 A N N UA L R E P O RT 9We have earned a reputation for building quality that stands the test of time.As a public company,we know that we must consistently deliver earnings and value to shareho

44、lders.We also know that we can only achieve this through things that dont show up in financial statements:conscience,dedication and an unwavering commitment to excellence.29705narr.indd 93/2/12 12:46 PMProgreSS and neW aWardS The past year saw the completion of several major proj-ects in Oil&Gas.We

45、completed a large refinery upgrade performed for Total in Port Arthur,Texas,which was one of five major U.S.downstream programs that Fluor won dur-ing the last refinery upgrade cycle.We also continued our strong relationship with BASF-YPC by completing a major expansion of a petrochemical complex th

46、at we had previ-ously built in Nanjing,China.As the group completed projects in 2011,it actively pur-sued new ones.Fluor continues to track and win significant new Front End Engineering&Design(FEED)contracts.This is important,as FEED work is an indicator of the volume of full EPC programs that will

47、be released in the future.Fluor was awarded a large EPCM contract in Saudi Arabia for Sadara,a joint venture between Dow Chemical and Saudi Aramco.When finished,the project is expected to be the largest petrochemical complex in the world.We were also awarded a pipeline expansion project in Kazakhsta

48、n and Russia,and we continued to see project scope increases in our Kearl oil sands project for Imperial Oil in Canada and a number of other oil sands-related projects.Our Fluor Offshore Solutions team saw a significant amount of addi-tional offshore platform work in Australia,the Philippines,North

49、America and the Middle East.Our project portfolio continues to be more globally balanced.There has been tremendous growth in Canada,Australia and our Asia-Pacific region,where weve added 1,000 new employees over the past year.We continue to earn the trust of our clients,and they have rewarded us wit

50、h expanded involvement in their development goals.Fluor signed an alliance with BASF to provide engineering on projects in Asia and Europe.The group also signed an alliance with Dow Chemical to help them with projects worldwide.Our activities with Chevron,ExxonMobil and Shell increased,and we are se

51、rving these international oil companies(IOCs)in more places around the world.Another highlight from 2011 is our newly created team within our Chemicals business line,focused on biofuels/Oil and Gas Oil&Gas continues to enhance its position to better perform international projects for clients.We expa

52、nded our international presence,broadened the types of projects we perform and improved our cost-competitive execution.In 2011,the group saw new awards of$8.3 billion and ended the year with a backlog of$15.1 billion,which appears to be an inflection point for increasing backlog in 2012.Although unc

53、ertain global economic and political factors pose potential challenges,the oil,gas&chemicals industries are gaining significant momentum.Global energy demand is huge and expected to substantially increase,according to the International Energy Agency(IEA).This demand is being driven by population gro

54、wth together with an increasing middle class in large countries such as China and India,coupled with the need to continuously replace depleted oil and gas reserves.Energy suppliers and governments around the world will need to invest,which should result in strong opportunities going forward.1 0 F L

55、U O R C O R P O R A T I O N 0910117.0NEW AWARDS AND BACKLOG(Dollars in Billions)New AwardsBacklog0910119.78.311.814.315.1091011730344276SEGMENT PROFIT(Dollars in Millions)29705narr.indd 103/1/12 4:45 PMbiochemicals.We established this team to capitalize on the growing demand for products in these in

56、dustries.Government regulations and credit incentives are stimulating increased investment in bio-facilities,and we are well positioned to be a strong player.Future outlook We will continue to leverage our global capabilities to establish ourselves in even more key geographic markets.We are also pur

57、suing growing opportunities and expanding our presence in a number of countries,including India,Mexico,Canada,Argentina,Brazil,Indonesia and Russia.National oil companies(NOCs)remain an important focus for the company.The unique demands that NOCs place on contractors are changing the way EPCM projec

58、ts are being structured.They stipulate local content much more stringently than traditional oil companies,and we are responding and adapting our model in order to garner more work with these valuable clients.We are putting a local face on projects by teaming with local companies,hiring local nationa

59、ls for engineering,and using more local materials and local labor for construction and maintenance.The emergence of shale gas has helped bring North America back onto the development map in a significant way.As this market rapidly expands,many chemical com-panies are doing an about-face,changing the

60、ir plans from shutting down facilities in the United States to actively considering new investment.New ethylene,fine chemicals and gas-to-liquids plants are also being considered.This creates great potential for Fluor into 2012 and beyond.Overall,we believe the outlook is strong for the Oil&Gas grou

61、p.Most analysts predict strong oil prices will support a sustained increase in the level of capital spending.Our focus is for the long-term.We understand current short-term conditions will have an impact,but the ultimate demand for energy will rise and create opportunities for our business.Inevitabl

62、y,there will be a widening array of fuel sources in the energy mix,and Fluor is positioning to partic-ipate in each of them.We will leverage our strengthened local presence,and continue to be the trusted partner that helps our clients meet the worlds growing energy demands.2O1 1 A N N U A L R E P O

63、R T 1 129705narr.indd 113/1/12 4:45 PM1 2 F L U O R C O R P O R A T I O N global demand For energy iS huge and Will inevitably increaSe,With the international energy agency ForecaSting SubStantial groWth in demand.Oil and Gas29705narr.indd 123/1/12 4:45 PM2O1 1 A N N U A L R E P O R T 1 329705narr.i

64、ndd 133/1/12 4:45 PM1 4 F LU O R CO R P O RAT I O N 29705narr.indd 143/2/12 12:46 PMVISIOnCelebrating 100 Years2O1 1 A N N UA L R E P O RT 1 5We are at the forefront of the industries we serve because we continually focus on the future.We think in terms of decades,and take actions with long-term goa

65、ls in mind.Global diversification isnt the latest hot trend at Fluor.Weve been in the Middle East since the 50s and China since the 70s,and weve successfully executed complex projects almost everywhere else.We have seen what can happen in global markets.We have been there before and we will continue

66、 to anticipate our clients needs,move forward and grow.29705narr.indd 153/2/12 12:46 PMmining Strength Growth in 2011 was driven largely by new opportuni-ties in our mining business.A few years ago,our projects were primarily iron ore and copper mines in Australia and South America.Since then we hav

67、e built diversity both in geographic location and the extractive resources being pursued.We have secured large projects in South America,Asia,Africa,Canada,Australia and beyond.Industrial and Infrastructure is now helping clients process nickel ore in Newfoundland and mine gold in Western Canada.We

68、are finishing a diamond mine in Botswana,and a major copper-gold mining complex in Mongolia which is by far the largest project in the countrys history and will amount to 40 percent of its GDP.We also expanded our long-standing relationship with BHP Billiton in Australia.We continued our work with R

69、io Tinto,progress-ing the preliminary engineering stage of the Simandou iron ore development in Guinea.The group also embarked on its first U.S.mining projects in many years,with contracts in Utah and Arizona.Copper remains a particularly strong indicator for our business outlook.Looking at the rapi

70、d development of China and India alone,the expectations for copper demand are enor-mous.The established markets are not slowing either,and current consumption will have to be replaced in the developed world.The largest mines will eventually mature and the next generation of mines will have to be a s

71、tep up in technological complexity,which should create opportunities for Fluor.Its happening now.We are seeing large project awards for complex mines in remote locations.A great example is the Simandou project,where we are in the early stages of helping develop a new process plant and port facility,

72、with hundreds of kilometers of rail lines that have to be laid to connect these facilities.Fluor is one of the few companies equipped to deliver on this level.Industrial and Infrastructure For the past 100 years,global civilization has migrated from an agrarian environment to an urban one.Population

73、s are growing faster and settling in denser concentrations,which has resulted in a continual increase in commodity consumption.Demand for natural resources continues to rise,but easily accessible mineral deposits were extracted a long time ago.This means that deeper,more technically challenging mine

74、s have to be developed in more remote locations.Global economic expansion is necessitating bigger and newer cities,with better transit,healthcare and educational institutions.These macro issues are what drive growth in Industrial&Infrastructure.In 2011,we posted new awards of$12.2 billion and grew b

75、acklog by 16%to a record$19.6 billion,and the outlook remains positive.1 6 F L U O R C O R P O R A T I O N 0910116.8NEW AWARDS AND BACKLOG(Dollars in Billions)09101112.510.216.919.612.2091011140-170389SEGMENT PROFIT(Dollars in Millions)New AwardsBacklog29705narr.indd 163/1/12 4:45 PMinFraStructure P

76、otential Fluor is a leader in projects utilizing the public-private partnership(PPP)model,an increasingly important method for funding urgently needed infrastructure through the utilization of both public and private sources of funding.One such project is the Windsor-Essex Parkway,a new highway link

77、ing Canada and the United States,in which Fluor is both an investor and a contractor.We were able to utilize our strong balance sheet to become involved with the project.There is great need for development globally,but it will take economic recovery to boost tax revenues,as well as confidence from l

78、enders to finance new projects.During the year,we continued to make progress on the San Francisco-Oakland Bay Bridge,approaching completion of the main suspension tower.In the United Kingdom,work progressed on the Greater Gabbard Offshore Wind Farm,and despite the bankruptcy of a key subcontractor a

79、nd ongoing weather delays,the project is expected to be sub-stantially complete in the first half of 2012.There is pent-up demand for major new infrastructure programs,and project sizes are increasing.The recent past was characterized by an abundance of small projects,involv-ing many smaller contrac

80、tors.Todays projects encompass more scope.For example,we previously won projects in the billion-dollar range with our I-15 and SH-130 highway contracts.Now projects are appearing on the horizon that are in the$2 to$3 billion range.This trend plays to our advantage.Fluors size,resources and financial

81、 strength are attractive to clients seeking a partner on projects of this magnitude.We are also seeing promising developments in our manufacturing and life sciences segments.We have new projects in Ireland and a number of new technology projects in Malaysia,which looks to be a growth area.Future out

82、look We believe the long-term demand for the development of large industrial and infrastructure programs will continue at a significant level.Demand for commodities will rise,and there will be increased investment in large capital projects to extract minerals in more remote locations.Mining com-pani

83、es are bigger than ever.They have consolidated and aggregated,and are holding billions of dollars of liquidity on their balance sheets for investment.While we expect some delay in large new infrastructure awards due to worldwide economic and political issues,the investment trend is upward.When econo

84、mies rebound,investment will accelerate.In emerging economies,development is happening even sooner.China is now mining outside its own borders in places like Guinea and Peru.Indias population growth is outpacing Chinas and will have sustained demand growth for many years to come.These countries will

85、 have to pursue the resources and infrastructure they need to grow.Fluor is ready.Our methodologies,tools and resources are transfer-able among our business groups.We will utilize our great people,expertise and global locations that are already in place,and we will expand opportunistically to serve

86、more clients in more places.2O1 1 A N N U A L R E P O R T 1 729705narr.indd 173/1/12 4:45 PM1 8 F L U O R C O R P O R A T I O N long-term demand For the develoPment oF large induStrial and inFraStructure ProgramS Will continue at a SigniFicant level.Industrial and Infrastructure 29705narr.indd 183/1

87、/12 4:45 PM2O1 1 A N N U A L R E P O R T 1 92 0 F L U O R C O R P O R A T I O N 2O1 1 A N N U A L R E P O R T 2 12009Annual ReportInsight?FLUORHASANEXCEPTIONALLEGACYOFBUILDINGVALUEFORITSCLIENTS,EMPLOYEES,COMMUNITIESANDSHAREHOLDERS.IN1942WEBEGANTORECORDANDPUBLISHOURPROGRESS.HEREARETHEANNUALREPORTSTHA

88、THAVECHRONICLEDOURJOURNEY.1912191319141915191619171918191919201921192219231924192519261927192819291930193119321933193419351936193719381939194019411942194319441945194619471948194919501951195219531954195519561957195819591960196119621953First time to cross$100 million in sales1942First time to cross$10

89、 million in sales1915FluorishiredbytheSouthernCaliforniaGasCompanytobuildmetershopsandanofficebuilding,itsfirstoilandgasindustrycontract.1925FluorconstructsitsfirstgasplantprojectfortheSandomaGasCompanyinSantaFeSprings,California,amajorstepinhelpingwildcattersharnesstheoilboom.1932Fluorisawardeditsl

90、argestcontracttodate,$100,000tobuildarefiningunitforShellOilCompanyinWoodRiver,Illinois.1933FluorsecuresitsfirstoverseascontractforworkinthePersianGulf,buildingcoolingtowersatarefineryunderconstructiononBahrainIsland.1942FluorconstructsasubstantialportionofthecoolingtowersrequiredfortheManhattanProj

91、ectinOakRidge,Tennessee.1947FluorwinsitsfirstmajoroverseasassignmentanexpansionoftheArabian-AmericanOilCompany(Aramco)facilitiesinSaudiArabia.1952FluorFoundationisestablished.1957FluorlistsontheNewYorkStockExchange.1965Fluorengineersandconstructsitslargestprojecttodate,the$100million,95,000-barrels-

92、per-dayShuaibarefineryinKuwait.1968FluorisawardeditsfirstcontractforRioTinto,providingconstructionandmaintenanceservicesfortheIronOreHeavyHaulRailway.1972FluorisselectedtobuildthepumpingstationsfortheAlyeska(Trans-Alaska)Pipeline.1975FluorbeginsalongrelationshipwithSASOLinSouthAfrica,buildingcoal-to

93、-liquidplantscriticaltothecountryseconomicdevelopment.1975Fluorreceivesitslargestcontracttodate,aprojectvaluedatover$5billiontobuildagas-gathering,treatmentandtransmissionprogramforAramcoinSaudiArabia.1977FluoracquiresDanielInternational.1981FluoracquiresSt.JoeMinerals.1988FluorcompletesworkontheMid

94、landCogenerationFacility,convertinganunfinishednuclearpowerplanttoagas-firedfacility.1989Fluordesignsandconstructsoneoftheworldslargestcopperminesinthedriestplaceonearth,theMineraEscondidaprojectintheAtacamaDesertofChile.1990FluorstartsconstructionofaBMWfactoryinGreenville,SouthCarolina.1991Fluorwin

95、sthefirstofmanyawardsfromBHPBillitontoprovideengineering,procurementandconstructionmanagementservicesinWesternAustralia.196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006

96、2007200820092010201120,00015,00010,0005,0000Over the past hundred years,we have grown from a single location in California to a multi-billion-dollar corporation serving clients all around the world.1912 to 2012building value for 100 years1975First time revenue over$1 billion1981St.Joe Minerals acqui

97、red1977Daniel Construction acquired1969Entrance into mining with acquisition of Utah Construction&Mining Co.1996First time revenue over$10 billion2000Massey Coal divested2008First time revenue over$20 billion2011Record year-end backlog of$39.5 billionTOTAL REVENUE(MILLIONS)1992Fluortakesonasignifica

98、ntenvironmentalchallengewhentheDepartmentofEnergyawardsa$4billioncleanupofformeruraniumproductionfacilitiesinFernald,Ohio.1993Fluortrainsmorethan14,000workerstohelpbuildShellsRayongrefineryinThailand.2001FluorbeginsworktosignificantlyexpandtheproductioncapacitiesoffacilitiesforTengizchevroilinKazakh

99、stan.2001FluorishiredbyBASF-YPCtobuildalargeintegratedpetrochemicalplantinNanjing,China.2004Fluorleadsaconsortiumtodesignandbuildahigh-speedrailconnectionbetweenAmsterdamandtheBelgianborder.2005Fluormobilizes4,500workerstosupportFEMAinaidingthevictimsofhurricanesKatrinaandRita.2007Fluorisawardedthew

100、orldslargestpolysiliconplantbyLDKSolarinChina,aprojectvaluedat$1billion.2010FluorsrecentlycompletedOakGrovecoal-firedplantforLuminantwinsPOWER MagazinesPlantoftheYearaward.Government2 6 F L U O R C O R P O R A T I O N 0910112.3NEW AWARDS AND BACKLOG(Dollars in Billions)0910112.83.71.00.81.1091011117

101、142145SEGMENT PROFIT(Dollars in Millions)New AwardsBacklogSAFE AND SUCCESSFUL Over the past year,Government group employees worked nearly 1.5 million man-hours per week,achieving our best safety record in more than five years.We completed the American Recovery and Reinvestment Act funded project sco

102、pe at the Savannah River Site in South Carolina a part of our long-term contract to manage and operate the Department of Energy facility.On this project,we are deliver-ing a cleaner environment,safe performance for our customer,and thousands of jobs in a high unemployment area.We also ramped up staf

103、f at the Department of Energys Portsmouth Gaseous Diffusion plant in Ohio.Built in the 1940s,this outmoded uranium enrichment plant consists of three massive buildings,each covering 30 acres.Our job is to completely remediate the facility,including decommissioning and decontamination,and return it t

104、o natural lands,as we did at the Fernald site.Once this 10-year effort is completed,the site will be available for redevelopment,bringing a much-needed economic boost to the community.In Afghanistan,we continued to provide contingency life support services to coalition forces.We have grown this con-

105、tract significantly over the past two years by adding new capabilities.Presently,we have more than 24,000 Fluor personnel and subcontractors working there,including thou-sands of local Afghans as part of the Afghan First program.This has had a significant economic benefit to these employees and thei

106、r families.As priorities shift in the region,Fluor is well positioned to provide support to sustainment activities.The Department of Defense also looked to Fluor as a partner in its energy efficiency initiatives.Soldiers are generally supported in the field by generators that run on JP8 diesel fuel.

107、We are working to reduce usage of this expensive and volatile fuel by implementing supplemental and smart power technologies.Finally,our services group won a new multi-year U.S.Navy base operations support services contract for Jacksonville area naval bases,and is looking at a number of additional o

108、pportunities.TheUnitedStatescurrentlyspendsover$15billionannuallyinourGovernmentgrouptargetareas,notincludingsupplementalfundsusedtopayformilitaryconflictsabroad,anotherareawherewecontributekeycompetencies.Itisanopportunity-richenvironmentforcontractsevenwithcontinuingGovernmentbudgetpressures.Asare

109、sult,ourGovernmentgrouphasmorethandoubledrevenueoverthelastthreeyears.WhilemuchofGovernmentgroupsrecord$3.7billioninnewawardswasworkedoffduringtheyear,backloggrewto$1.1billion,andweexpectourgrowthtocontinue.2O1 1 A N N U A L R E P O R T 2 7Future outlook Our customers recognize that outsourcing serv

110、ices to the private sector will continue to be key,even though the U.S.government is under pressure to reduce spending.However,it is important to note that the programs we are working on are fully funded as we head into 2012.We have proven our-selves as a reliable force multiplier,allowing our custo

111、mers to focus on their central mission.They want a contractor that they can rely on and that will provide the best value.This plays to our strengths,as we have the experience and resources to perform.Our strategy for growth is to provide a broader spectrum of services to our government customers.We

112、are moving toward full mission life-cycle contracts by adding capabilities that address our customers dynamic needs.We will bring additional value by leveraging the considerable breadth and depth of resources across Fluor to solve complex and challeng-ing problems for the United States and other gov

113、ernments.29705narr.indd 273/1/12 4:45 PM2 8 F L U O R C O R P O R A T I O N 29705narr.indd 283/1/12 4:45 PMPASSIOnCelebrating 100 Years2O1 1 A N N UA L R E P O RT 2 9Fluor people are passionate about building.We are fortunate to be regularly involved in projects that have the power to transform comm

114、unities,economies,even whole countries.We improve lives,create jobs and initiate growth that can sustain itself well after we complete a project.What we leave behind is something real and positive and productive that wasnt there before.Its easy to be passionate about that.29705narr.indd 293/2/12 12:

115、46 PMglobal oPPortunitieS Global Services continues to position itself to win con-tracts in regions with great growth potential.We secured a new contract to provide comprehensive maintenance ser-vices at a large LNG facility owned by RasGas in Qatar.The group also expanded its Operations&Maintenance

116、 segment(O&M)work with current clients,adding sites for Procter&Gamble and DuPont.We provide worldwide support for Alcoas operations,and now manage more than 300 IBM facilities in North America.In recent years,there has been a trend toward contract consolidation by clients,and O&M is succeeding in s

117、ecuring additional sites with current customers through its strong reputation and broad competencies.O&Ms focus is on large companies with multiple sites that need the consistency and depth of its service offering across their worldwide opera-tions.O&M also targets large single projects that are hig

118、hly complex and need an integrated management approach.In 2011,our AMECO subsidiary provided extensive equipment,tool and fleet services solutions worldwide and achieved substantial growth.AMECO currently has slightly over$500 million in capital equipment and inventory deployed worldwide.AMECO provi

119、ded security vehicles,equipment and tools to support Fluors operations in Iraq as well as the U.S.military.With the knowledge and experience gained in Iraq,AMECO was able to provide equipment solu-tions under the LOGCAP IV contract in Afghanistan for both Fluor and other contractors.As is the case w

120、ith our O&M business line,AMECO is expanding where large new infrastructure is taking place globally.We have the ability to mobilize vast equip-ment resources to build these projects and the structure to execute in remote places.Our TRS business line provides staffing solutions to both Fluor and ext

121、ernal clients.In 2011,TRS expanded its footprint to Australia,Canada and Mexico in support of this growth.In addition,TRS is growing opportunities with external clients,with significant activity in the UK and Canada.Global Services While the struggling economy limited growth opportunities for contra

122、ct services in North America,our Global Services group continued to maintain its presence at hundreds of client sites.As capital maintenance spending improves worldwide,we are growing where there is significant new industrial development in regions such as the Middle East,Australia,South Africa and

123、South America.Our group has over 10,000 employees worldwide,working at more than 400 locations.In 2011,Global Services achieved new awards totaling$1.0 billion and a backlog of$1.9 billion.3 0 F L U O R C O R P O R A T I O N 0910110.9NEW AWARDS AND BACKLOG(Dollars in Billions)0910111.61.01.82.11.909

124、1011107133152SEGMENT PROFIT(Dollars in Millions)New AwardsBacklog29705narr.indd 303/1/12 4:45 PM2O1 1 A N N U A L R E P O R T 3 1Future outlook Global Services is well established in hundreds of locations around the world.In developed regions,where labor costs are higher,there are opportunities for

125、growth by providing solutions that improve efficiency in support of our customers needs.Our ability to quickly mobilize allows us to support our clients growth initiatives as they enter new regions.We are strengthening our position in Australia,Africa and South America,where high global demand for c

126、om-modities is driving maintenance and project support needs.These markets typically lack the infrastructure,equipment or labor required to execute their projects,making Global Services a valuable local partner.Regardless of market,region or industry,Global Services competency in systems,processes,p

127、eople and equipment provides a total solution to its clients.29705narr.indd 313/1/12 4:46 PM3 2 F L U O R C O R P O R A T I O N 29705narr.indd 323/1/12 4:46 PMPRIDeCelebrating 100 YearsOver the past century,our employees have engineered and constructed power plants that light up cities,offshore plat

128、forms and refineries that fuel commerce,highways and railways that transport people and products,and pharmaceutical facilities that produce medicines that make us healthier.It is tremendously gratifying to look at a project years later and say,“I built that,and it made a difference.”2O1 1 A N N UA L

129、 R E P O RT 3 329705narr.indd 333/2/12 12:46 PMPoWerFul ProgreSS During the year,the Power group completed significant projects in the gas-fired power generation and environmental compliance markets,including the Bear Garden Generating Station for Dominion Virginia Power and Jack County 2 for Brazos

130、 Electric Power Cooperative in Texas.We finished an emissions reduction project for EON U.S.in Kentucky,as well as a Flue Gas Desulfurization compliance program for several stations owned by SCE&G in South Carolina.In Arizona,we completed the Copper Crossing Solar Ranch project for Iberdrola Renewab

131、les,which is the largest photovoltaic plant in the state,and we added a large new solar photovoltaic project for LS Power.We also established a solar presence in South Africa,leveraging the Fluor groups that are already resident in country.Awards in 2011 include two key projects in Texas a new combi

132、ned-cycle gas plant for LCRA and new environmental compliance work to retro-fit coal-fired plants for Luminant.The Power group continued to expand its capabilities in the nuclear market.We are teaming with GE Hitachi to pursue large-scale nuclear projects in Poland and Finland.We also acquired a maj

133、ority interest in NuScale Power LLC,a small modular nuclear reactor(SMR)technology company.SMRs provide the benefits of nuclear power gen-eration without many of the issues involved with installing a large-capacity facility.By delivering power through self-contained SMR units,this technology shows g

134、reat potential around the world for use in utility markets as well as key government installations.Future outlook Legislation is emerging that will augment the environ-mental compliance market in 2012 and beyond.In the United States,the Cross States Air Pollution Rule and the Maximum Achievable Cont

135、rol Technology rule are forcing operators of older coal-fired plants to make a decision to either invest in making them cleaner or retire them.Fluor is a leader in providing plant-betterment solutions that reduce emissions and extend the life of existing fossil-fueled investments.Should our clients

136、choose to replace legacy equipment with a new fossil-based or renewable Power Demand for new power generation in the United States remains depressed,yet we are starting to see signs of meaningful improvement.In 2011,we finished several major EPC projects and hit an upward-trending inflection point i

137、n our backlog.We were awarded new projects in excess of$1.6 billion and finished with$1.8 billion in backlog,most of which was secured in the second half of the year.3 4 F L U O R C O R P O R A T I O N 0910111.3NEW AWARDS AND BACKLOG(Dollars in Billions)0910110.81.61.91.01.809101115817181SEGMENT PRO

138、FIT(Dollars in Millions)New AwardsBacklog29705narr.indd 343/1/12 4:46 PMfacility,Fluor has experience in these fuel types.Similar regulations are forthcoming in Europe,and the Power group is positioned to take advantage of these opportunities.Nuclear is also a long-term prospect for us.We believe it

139、 will be a necessary carbon-free power generation resource in the latter half of the decade,and we are preparing now by pursuing traditional large-capacity nuclear projects as well as the small modular reactor market.As coal-fired power continues to fall out of favor in the United States,we expect m

140、ore gas-fired power projects to emerge.Developing clean coal plants with CO2 capture is possible,however,and Fluor brings a proven patented tech-nology for CO2 capture known as Econamine FG PlusSM.We will also pursue growth through renewable projects includ-ing solar,wind and alternate technologies.

141、By default,gas will be the primary fuel to supplement the grid.The future is about utilizing multiple fuel sources.Through strength,reputation and diverse capabilities,we believe Fluor will be seen as a valuable partner in building that future.2O1 1 A N N U A L R E P O R T 3 529705narr.indd 353/1/12

142、 4:46 PMneW aWardS by SegmentYear Ended December 31201120102009($in millions)Oil&Gas$8,32531%$9,71335%$7,04838%Industrial&Infrastructure12,23845%12,50546%6,83837%Government3,72414%2,76110%2,33913%Global Services(1)1,0284%1,6276%9035%Power(1)1,5816%7573%1,3277%Total New Awards$26,896100%$27,363100%$1

143、8,455100%neW aWardS by regionYear Ended December 31201120102009($in millions)United States$4,42016%$5,44920%$5,00627%Europe,Africa and Middle East7.39928%7,95229%4,75526%Americas8,31031%6,24723%5,22228%Asia Pacific(includes Australia)6,76725%7,71528%3,47219%Total New Awards$26,896100%$27,363100%$18,

144、455100%backlog by SegmentYear Ended December 31201120102009($in millions)Oil&Gas$15,06838%$14,26741%$11,77144%Industrial&Infrastructure19,60149%16,86248%10,25038%Government1,0913%7512%1,0174%Global Services(1)1,8815%2,0576%1,8417%Power(1)1,8435%9723%1,9007%Total Backlog$39,484100%$34,909100%$26,7791

145、00%backlog by regionYear Ended December 31201120102009($in millions)United States$8,57222%$8,98526%$10,12538%Europe,Africa and Middle East8,17221%8,34024%7,18327%Americas12,22331%9,69728%6,20123%Asia Pacific(includes Australia)10,51726%7,88722%3,27012%Total Backlog$39,484100%$34,909100%$26,779100%(1

146、)Amounts for 2009 have been restated to reflect the move of the Power Services Group from Global Services to Power.new AwARDS AnD BAcklOG DAtA31%Oil&Gas45%Industrial&Infrastructure14%Government4%Global Services6%Power2011 CONSOLIDATED NEW AWARDS31%45%14%4%6%38%Oil&Gas49%Industrial&Infrastructure3%Go

147、vernment5%Global Services5%Power2011 CONSOLIDATED BACKLOG3%5%5%38%49%3 6 F L U O R C O R P O R A T I O N 29705narr.indd 363/1/12 4:46 PMNet earnings in 2011 included pre-tax charges of$60 million(or$0.21 per diluted share)for the Gabbard Offshore Wind Farm Project(“Greater Gabbard Project”).Net earn

148、ings in 2010 included pre-tax charges of$343 million(or$1.79 per diluted share)on the Greater Gabbard Project.These charges were partially offset by a tax benefit of$152 million(or$0.84 per diluted share)for a worthless stock deduction from the tax restructuring of a foreign subsidiary in the fourth

149、 quarter.A significant portion of this tax benefit resulted from the financial impact of the Greater Gabbard Project charges on the foreign subsidiary.Net earnings in 2010 also included a pre-tax charge of$95 million(or$0.33 per diluted share)related to a completed infrastructure joint venture proje

150、ct in California,and pre-tax charges of$91 million(or$0.31 per diluted share)on a gas-fired power project in Georgia.Net earnings in 2009 included a pre-tax charge of$45 million($0.15 per diluted share)for a paper mill in the Global Services segment.Net earnings in 2008 included a pre-tax gain of$79

151、 million($0.27 per diluted share)from the sale of a joint venture interest in the Greater Gabbard Project,and tax benefits of$28 million($0.15 per diluted share)from the expiration of statutes of limitations and tax settlements that favorably impacted the effective tax rate.Net earnings in 2007 incl

152、uded a credit of$123 million($0.68 per diluted share)that resulted from the favorable settlement of tax audits for the years 1996 through 2000.See page 28 of our Form 10-K for explanatory footnotes relating to this selected financial data.*All share and per share amounts prior to 2008 were adjusted

153、for the July 16,2008,two-for-one stock split.ConsoLidated operating resuLtsSelected Financial data2O1 1 A N N UA L R E P O RT 37Year Ended December 31 20112010200920082007(in millions,except per share and employee information)Total revenue$23,381.4$20,849.3$21,990.3$22,325.9$16,691.0Earnings before

154、taxes1,001.8559.61,136.81,141.7659.9Net earnings attributable to Fluor Corporation593.7357.5684.9716.1528.0Earnings per share*Basic$3.44$2.01$3.79$3.99$2.99Diluted3.401.983.753.892.88Cash dividends per common share*0.50 0.50 0.50 0.50 0.40Return on average shareholders equity17.4%10.4%23.0%28.1%27.3

155、%ConsoLidated FinanCiaL positionCurrent assets$5,880.6$5,562.8$5,122.1$4,668.5$4,055.9Current liabilities3,840.13,523.43,301.43,162.22,850.5Working capital2,040.52,039.41,820.71,506.31,205.4Property,plant and equipment,net921.6866.3837.0799.8784.4Total assets8,270.37,614.97,178.56,423.65,792.6Capita

156、lizationSenior Notes495.7Convertible Senior Notes19.596.7109.8133.2297.7Other debt obligations17.817.817.717.717.7Shareholders equity3,395.5 3,497.0 3,305.52,671.32,280.4Total capitalization3,928.53,611.53,433.02,822.22,595.8Total debt as a percent of total capitalization 13.6%3.2%3.7%5.3%12.2%Share

157、holders equity per common share*$20.09$19.82$18.48$14.71$12.85 Common shares outstanding at year end*169.0176.4178.8181.6177.4other dataNew awards$26,896.1$27,362.9$18,455.4$25,057.8$22,590.1Backlog at year end39,483.734,908.726,778.733,245.330,170.8Capital expenditures338.2265.4233.1299.6284.2Cash

158、provided by operating activities 889.7 550.9 905.0 991.6 933.8Cash provided(utilized)by investing activities (436.4)218.4 (818.1)22.5 (793.4)Cash provided(utilized)by financing activities (395.8)(389.9)(323.0)(270.2)4.9Employees at year end Salaried employees33,25229,15924,94327,95825,842 Craft/hour

159、ly employees9,83510,07011,20914,16115,418Total employees43,08739,22936,15242,11941,260 29705narr.indd 373/6/12 12:05 PMPeter k.barker California Chairman,JP Morgan Chase&Co.;Director of Avery Dennison Corporation(2007)(2)(3)alan bennettFormer President and Chief Executive Officer of H&R Block,Inc.;D

160、irector of Halliburton Company and The TJX Companies,Inc.(2011)(2)rosemary t.berkery Vice Chairman,UBS Wealth Management Americas;Chairman,UBS Bank USA(2010)(3)kent kresaChairman Emeritus and former Chairman and Chief Executive Officer of Northrop Grumman Corporation;Director of MannKind Corporation

161、(2003)(1)(2)(4)alan l.boeckmannFormer Chairman of the Board;Director of Archer Daniels Midland Company and Sempra Energy(2001)Peter J.FluorFluors Lead Independent Director;Chairman and Chief Executive Officer of Texas Crude Energy,LLC;Director of Anadarko Petroleum Corporation and Cameron Internatio

162、nal Corporation(1984)(1)(3)(4)david t.SeatonChairman and Chief Executive Officer of the Company;Director of the Mosaic Company(2011)(1)James t.hackettChairman and Chief Executive Officer of Anadarko Petroleum Corporation;Director of Bunge Limited(2001)(3)(4)admiral Joseph W.PrueherUnited States Navy

163、(retired);Professor,Stanford University;Former United States Ambassador to the Peoples Republic of China;Director of Emerson Electric Co.and Amerigroup Corporation(2003)(3)(4)dean r.ohareRetired Chairman and Chief Executive Officer of The Chubb Corporation;Director of AGL Resources,Inc.and H.J.Heinz

164、 Company(1997)(1)(2)(3)dr.Suzanne h.WoolseyChief Executive Officer,Woolsey Partners,LLC;Retired Chief Communications Officer for the National Academies;Director of Invesco Van Kampen closed-end Funds(2004)(2)(3)nader h.SultanSenior Partner,F+N Consultancy;Former Chief Executive Officer and Deputy Ch

165、airman of Kuwait Petroleum Corporation;Chairman of Ikarus Petroleum Holdings(2009)(2)(3)From leFt to right:Years in parentheses indicate the year each director was elected to the Board.(1)Executive Committee David T.Seaton,Chairman;(2)Audit Committee Kent Kresa,Chairman;(3)Governance Committee Dean

166、R.OHare,Chairman (4)Organization and Compensation Committee Peter J.Fluor,ChairmanBOARD OF DIRectORS3 8 F L U O R C O R P O R A T I O N 29705narr.indd 383/1/12 4:46 PMFrom leFt to right:OFFIceRS2O1 1 A N N U A L R E P O R T 3 9ray F.barnardVice President and Chief Information Officer(2000)Stephen b.

167、dobbsSenior Group President,Industrial&Infrastructure(1980)david r.dunningGroup President,Power(1977)garry W.FlowersGroup President,Global Services(1978)glenn c.gilkeySenior Vice President,Human Resources and Administration(1988)kirk d.grimesGroup Executive,Operations(1980)carlos m.hernandezSenior V

168、ice President,Chief Legal Officer and Secretary(2007)John l.hopkinsGroup Executive,Corporate Development(1984)Peter oosterveerGroup President,Oil&Gas(1988)david t.SeatonChairman and Chief Executive Officer(1985)bruce a.StanskiGroup President,Government(2009)d.michael SteuertSenior Vice President and

169、 Chief Financial Officer(2001)(not Pictured)richard P.carterPresident,Fluor Constructors International(1983)James m.lucasSenior Vice President,Tax and Treasury(2006)david marventanoSenior Vice President,Government Relations(2003)gary g.SmalleySenior Vice President and Controller(1991)This officer in

170、formation is current as ofFebruary 22,2012.Years in parentheses indicatethe year each officer joined Fluor.29705narr.indd 393/1/12 4:46 PMPROject PhOtOGRAPhy4 0 F L U O R C O R P O R A T I O N PAGE 6 TOP:BASF-YPC Co.IPS 2 Petrochemical Expansion Project in Nanjing,ChinaPAGE 6 miDDlE:BHP Billiton RGP

171、 5 project,Western AustraliaPAGE 6 BOTTOm:U.S.Army LOGCAP IV,AfghanistanPAGE 7 TOP:SunEdison SAWS PV Plant,San Antonio,Texas PAGE 7 BOTTOm:Vopak Terminal Butadiene cooling project,Vlissingen,The NetherlandsPAGE 11 lEFT:Exxon Neftegas Limited(ENL)Chayvo OPF Expansion,Sakhalin Island,RussiaPAGE 11 RiG

172、HT:Hijau Gasoil Project in Shells refinery in Port Dickson,MalaysiaPAGE 12 TOP:Kearl Oil Sands Infrastructure/Offlease Project,Ft.McMurray,Alberta,CanadaPAGE 12 BOTTOm lEFT:LNG Receiving and Regasification Terminal for PTT LNG in Map Ta Phut,Rayong,ThailandPAGE 12 BOTTOm RiGHT:Super Absorbent Polyme

173、r Plant(SAP)for SAPCo in Jubail,Saudi Arabia PAGE 13:Marathon Petroleum Company LP heavy oil upgrading projectDetroit,MichiganPAGE 17:I-15 Corridor Restoration near Provo,UtahPhoto courtesy of Don Green PhotographyPAGE 18:BHP Billiton RGP 5 project,Western AustraliaPAGE 19 TOP lEFT:New Exposition Li

174、ght Rail Transit Line in Los Angeles,CaliforniaPAGE 19 miDDlE lEFT:Grifols Blood Fractionation Facility,Clayton,North CarolinaPAGE 19 BOTTOm lEFT:Pascua-Lama project for Barrick Gold,Andes Mountains,Chile and ArgentinaPAGE 19 TOP RiGHT:San Francisco-Oakland Bay Bridge,San Francisco,California PAGE 1

175、9 miDDlE RiGHT:Oyu Tolgoi Project,Concentrator SAG Mill,MongoliaPAGE 19 BOTTOm RiGHT:Vale Nickel Processing Plant in Long Harbour,Newfoundland&Labrador,CanadaPAGE 27 lEFT:U.S.Department of Labor Mississippi Job Corps Center Operations,Crystal Springs,MississippiPAGE 27 TOP RiGHT:U.S.Department of En

176、ergy Portsmouth Site,Piketon,OhioPAGE 27 BOTTOm RiGHT:U.S.Department of Energy Savannah River Site Management and Operations,near Aiken,South CarolinaPAGE 31 lEFT:Rio Tinto Iron Ore rail maintenance,Western AustraliaPAGE 31 TOP RiGHT:Minera El Boleo,Baja California Sur,MexicoPAGE 31 miDDlE RiGHT:Ras

177、Gas LNG complex maintenance,Ras Laffan,Qatar 2012 RasGas Company LimitedPAGE 31 lOwER RiGHT:Vopak Terminal Butadiene cooling project,Vlissingen,The Netherlands PAGE 35 lEFT:Iberdrola Renewables,Copper Crossing PV Plant,Florence,ArizonaPAGE 35 TOP RiGHT:EON Kraftwerke GmbH Pilot Plant,Wilhelmshaven,G

178、ermanyPAGE 35 miDDlE RiGHT:Brazos Jack County 2 Generating Station,Bridgeport,TexasPAGE 35 BOTTOm RiGHT:PG&E Humboldt Bay nuclear plant site services work,Eureka,California 2012 photo courtesy of Pacific Gas and Electric Company29705narr.indd 403/1/12 4:46 PMFORM 10-K2011UNITED STATES SECURITIES AND

179、 EXCHANGE COMMISSIONWashington,D.C.20549Form 10-K?ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2011or?TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACTOF 1934For the transition period from to Co

180、mmission file number:1-16129FLUOR CORPORATION(Exact name of registrant as specified in its charter)Delaware33-0927079(State or other jurisdiction of(I.R.S.Employerincorporation or organization)Identification No.)6700 Las Colinas BoulevardIrving,Texas75039(Address of principal executive offices)(Zip

181、Code)469-398-7000(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of Each ClassName of Each Exchange on Which RegisteredCommon Stock,$.01 par value per shareNew York Stock ExchangeSecurities registered pursuant to Section 12(g)of the A

182、ct:NoneIndicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes?No?Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)of theExchange Act.Yes?No?Indicate by check mark whether

183、 the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of theExchange Act during the preceding 12 months(or for such shorter period that the registrant was required to file suchreports),and(2)has been subject to such filing requirements for the past 90 days.Yes?No?Indicat

184、e by check mark whether the registrant has submitted electronically and posted on its corporate Web site,if any,every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding12 months(or for such shorter period that the registrant was requ

185、ired to submit and post such files).Yes?No?Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein,and will not be contained,to the best of registrants knowledge,in definitive proxy or information statements incorporated byreference in

186、 Part III of this Form 10-K or any amendment to this Form 10-K.?Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,ora smaller reporting company.See the definitions of large accelerated filer,accelerated filer and smaller reporting

187、company in Rule 12b-2 of the Exchange Act.Large accelerated filer?Accelerated filer?Non-accelerated filer?Smaller reporting company?Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes?No?As of June 30,2011,the aggregate market value of t

188、he registrants common stock held by non-affiliates of the registrantwas approximately$11.2 billion based on the closing sale price as reported on the New York Stock Exchange.Indicate the number of shares outstanding of each of the registrants classes of common stock,as of the latestpracticable date.

189、ClassOutstanding at February 16,2012Common Stock,$.01 par value per share169,003,400 sharesDOCUMENTS INCORPORATED BY REFERENCEDocumentParts Into Which IncorporatedPortions of the Proxy Statement for the AnnualPart IIIMeeting of Stockholders to be held on May 3,2012(Proxy Statement)FLUOR CORPORATIONI

190、NDEX TO ANNUAL REPORT ON FORM 10-KFor the Fiscal Year Ended December 31,2011PagePART IItem 1.Business.1Item 1A.Risk Factors.11Item 1B.Unresolved Staff Comments.25Item 2.Properties.25Item 3.Legal Proceedings.26Item 4.Mine Safety Disclosures.26PART IIItem 5.Market for Registrants Common Equity,Related

191、 Stockholder Matters and IssuerPurchases of Equity Securities.26Item 6.Selected Financial Data.28Item 7.Managements Discussion and Analysis of Financial Condition and Results ofOperations.29Item 7A.Quantitative and Qualitative Disclosures About Market Risk.46Item 8.Financial Statements and Supplemen

192、tary Data.46Item 9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure.46Item 9A.Controls and Procedures.46Item 9B.Other Information.49PART IIIItem 10.Directors,Executive Officers and Corporate Governance.49Item 11.Executive Compensation.51Item 12.Security Ownership o

193、f Certain Beneficial Owners and Management and RelatedStockholders Matters.52Item 13.Certain Relationships and Related Transactions,and Director Independence.52Item 14.Principal Accountant Fees and Services.52PART IVItem 15.Exhibits and Financial Statement Schedules.53Signatures.57iForward-Looking I

194、nformationFrom time to time,Fluor?Corporation makes certain comments and disclosures in reports andstatements,including this annual report on Form 10-K,or statements are made by its officers or directors,that,while based on reasonable assumptions,may be forward-looking in nature.Under the PrivateSec

195、urities Litigation Reform Act of 1995,a safe harbor may be provided to us for certain of theseforward-looking statements.We wish to caution readers that forward-looking statements,includingdisclosures which use words such as the company believes,anticipates,expects,estimates andsimilar statements ar

196、e subject to various risks and uncertainties which could cause actual results ofoperations to differ materially from expectations.Any forward-looking statements that we may make are based on our current expectations and beliefsconcerning future developments and their potential effects on us.There ca

197、n be no assurance that futuredevelopments affecting us will be those anticipated by us.Any forward-looking statements are subject tothe risks,uncertainties and other factors that could cause actual results of operations,financial condition,cost reductions,acquisitions,dispositions,financing transact

198、ions,operations,expansion,consolidation andother events to differ materially from those expressed or implied in such forward-looking statements.Due to known and unknown risks,our actual results may differ materially from our expectations orprojections.While most risks affect only future cost or reve

199、nue anticipated by us,some risks may relate toaccruals that have already been reflected in earnings.Our failure to receive payments of accrued amountsor incurrence of liabilities in excess of amounts previously recognized could result in a charge againstfuture earnings.As a result,the reader is caut

200、ioned to recognize and consider the inherently uncertainnature of forward-looking statements and not to place undue reliance on them.These factors include those referenced or described in this Annual Report on Form 10-K(including inItem 1A.Risk Factors).We cannot control such risk factors and other

201、uncertainties,and in manycases,we cannot predict the risks and uncertainties that could cause our actual results to differ materiallyfrom those indicated by the forward-looking statements.You should consider these risks and uncertaintieswhen you are evaluating us and deciding whether to invest in ou

202、r securities.Except as otherwise requiredby law,we undertake no obligation to publicly update or revise our forward-looking statements,whether asa result of new information,future events or otherwise.Except as the context otherwise requires,the terms Fluor or the Registrant as used herein arereferen

203、ces to Fluor Corporation and its predecessors and references to the company,we,us,orour as used herein shall include Fluor Corporation,its consolidated subsidiaries and divisions.PART IItem 1.BusinessFluor Corporation was incorporated in Delaware on September 11,2000 prior to a reverse spin-offtrans

204、action that separated us from our coal business which previously operated as Massey EnergyCompany prior to its acquisition by Alpha Natural Resources in June 2011.However,through ourpredecessors,we have been in business for 100 years and will celebrate our 100th anniversary in April 2012.Our princip

205、al executive offices are located at 6700 Las Colinas Boulevard,Irving,Texas 75039,telephonenumber(469)398-7000.Our common stock currently trades on the New York Stock Exchange under the ticker symbol FLR.Fluor Corporation is a holding company that owns the stock of a number of subsidiaries.Actingthr

206、ough these subsidiaries,we are one of the largest professional services firms providing engineering,procurement,construction and maintenance as well as project management services on a global basis.Weserve a diverse set of industries worldwide including oil and gas,chemicals and petrochemicals,trans

207、portation,mining and metals,power,life sciences and manufacturing.We are also a primary serviceprovider to the U.S.federal government;and we perform operations and maintenance activities for majorindustrial clients.1Our business is aligned into five principal segments.The five segments are Oil&Gas,I

208、ndustrial&Infrastructure,Government,Global Services and Power.Fluor Constructors International,Inc.,which isorganized and operates separately from the rest of our business,provides unionized management andconstruction services in the United States and Canada,both independently and as a subcontractor

209、 onprojects in each of our segments.Financial information on our segments,as defined under accountingprinciples generally accepted in the United States,is set forth on page F-44 of this annual report onForm 10-K under the caption Operating Information by Segment,which is incorporated hereinby refere

210、nce.Competitive StrengthsAs an integrated world class provider of engineering,procurement,construction,maintenance andproject management services,we believe that our business model allows us the opportunity to bring to ourclients compelling business offerings that combine excellence in execution,saf

211、ety,cost containment andexperience.In that regard,we believe that our business strategies,which are based on certain of our corecompetencies,provide us with some significant competitive advantages:Excellence in ExecutionGiven our proven track record of project completion and client satisfaction,we b

212、elieve that our ability to design,engineer,construct and manage complex projects often ingeographically challenging locations gives us a distinct competitive advantage.We strive to complete ourprojects on schedule while meeting or exceeding all client specifications.In an increasingly competitiveenv

213、ironment,we are also continually emphasizing cost controls so that our clients achieve not only theirperformance requirements but also their budgetary needs.Financial StrengthWe believe that we are among the most financially sound companies in our sector.We strive to maintain a solid financial condi

214、tion,placing an emphasis on having a strong balance sheet andan investment grade credit rating.Our financial strength provides us a valuable competitive advantage interms of access to surety bonding capacity and letters of credit which are critical to our business.Ourstrong balance sheet also allows

215、 us to fund our strategic initiatives,pay dividends,repurchase stock,pursueopportunities for growth and better manage unanticipated cash flow variations.SafetyOne of our core values and a fundamental business strategy is our constant pursuit of safety.Both for us and our clients,the maintenance of a

216、 safe workplace is a key business driver.In the areas inwhich we provide our services,we have delivered and continue to deliver excellent safety performance,with our safety record being better than the industry average.In our estimation,a safe job site decreasesrisks on a project site,assures a prop

217、er environment for our employees and enhances their morale,reducesproject cost and exposure and generally improves client relations.We believe that our safety record is oneof our most distinguishing features.Global Execution PlatformAs the largest U.S.-based,publicly-traded engineering,procurement,c

218、onstruction and maintenance company,we have a global footprint with employees situated throughoutthe world.Our global presence allows us to build local relationships that permit us to capitalize better onopportunities near these locations.It also provides comfort to our larger internationally-based

219、clients thatwe know and understand the markets where they may elect to use our services and allows us to mobilizequickly to those locations where projects arise.Market DiversityThe company serves multiple markets across a broad spectrum of industries.Wefeel that our market diversity is a key strengt

220、h of our company that helps to mitigate the impact of thecyclicality in the markets we serve.Just as important,our concentrated attention on market diversificationallows us to achieve more consistent growth and deliver solid returns.We believe that our continuedstrategy of maintaining a good mixture

221、 within our entire business portfolio permits us to both focus on ourmore stable business markets and to capitalize on developing our cyclical markets when the timing isappropriate.This strategy also allows us to better weather any downturns in a specific market byemphasizing markets that are strong

222、.Long-Term Client RelationshipsWhile we aggressively work towards pursuing and serving new clients,we also believe that the long-term relationships we have built with our major clients,often after decades of2work with many of them,allow us to better understand and be more responsive to their require

223、ments.These types of relationships also facilitate a better understanding of many of the risks that we might facewith a project or a client,thereby allowing us to better anticipate risks,solve problems and manage ourrisk.We have worked towards an alliance-like relationship with many of these clients

224、 and,in doing so,webetter understand their business needs.Risk ManagementWe believe that our ability to assess,understand and gauge project risk,especiallyin difficult locations or circumstances or in a lump-sum contracting environment,gives us the ability toselectively enter into markets or accept

225、projects where we feel we can best perform.We have anexperienced management team,particularly in risk management and project execution,which helps us tobetter anticipate and understand potential risks and,therefore,how to manage them.Our riskmanagement capabilities allow us to better control costs a

226、nd ensure timely performance,which in turnleads to clients who are satisfied with the delivered product.General OperationsOur services fall into five broad categories:engineering,procurement,construction,maintenance andproject management.We offer these services independently as well as on a fully in

227、tegrated basis.Ourservices can range from basic consulting activities,often at the early stages of a project,to complete,total-responsibility,design-build contracts.In engineering,our expertise ranges from traditional engineering disciplines such as piping,mechanical,electrical,control systems,civil

228、,structural and architectural to advanced engineeringspecialties including process engineering,chemical engineering,simulation,enterprise integration,integrated automation processes and interactive 3-D modeling.As part of these services,we oftenprovide conceptual design services,which allow us to al

229、ign each projects function,scope,cost andschedule with the clients objectives in order to optimize project success.Also included within theseservices are such activities as feasibility studies,project development planning,technologyevaluation,risk management assessment,global siting,constructability

230、 reviews,asset optimizationand front-end engineering.Our procurement organization offers traditional procurement services as well as supply chainsolutions aimed at improving product quality and performance while also reducing project cost andschedule.Our clients benefit from our global sourcing and

231、supply expertise,global purchasingpower,technical knowledge,processes,systems and experienced global resources.Our traditionalprocurement activities include strategic sourcing,material management,contracts management,buying,expediting,supplier quality inspection,logistics and export control.In const

232、ruction,we mobilize,execute,commission and demobilize projects on a self-perform orsubcontracted basis or through construction management as the owners agent.Generally,we areresponsible for the completion of a project,often in difficult locations and under challengingcircumstances.We are frequently

233、designated as a program manager,where a client has facilities inmultiple locations,complex phases in a single project location,or a large-scale investment in afacility.Depending upon the project,we often serve as the primary contractor or we may act as asubcontractor to another party.Under our opera

234、tions and maintenance contracts,our clients ask us to operate and maintain large,complex facilities for them.We do so through the delivery of total maintenance services,facilitymanagement,plant readiness,commissioning,start-up and maintenance technology,small capitalprojects and turnaround and outag

235、e services,on a global basis.Among other things,we can providekey management,staffing and management skills to clients on-site at their facilities.Our operationsand maintenance activities can also include routine and outage/turnaround maintenance services,general maintenance and asset management,and

236、 restorative,repair,predictive and preventionservices.Project management is required on every project,with the primary responsibility of managing allaspects of the effort to deliver projects on schedule and within budget.We are often hired as the3overall program manager on large complex projects whe

237、re various contractors and subcontractorsare involved and multiple activities need to be integrated to ensure the success of the overallproject.Project management services include logistics,development of project execution plans,detailed schedules,cost forecasts,progress tracking and reporting,and t

238、he integration of theengineering,procurement and construction efforts.Project management is accountable to the clientto deliver the safety,functionality and financial performance requirements of the project.We operate in five principal business segments,as described below.Oil&GasThrough our Oil&Gas

239、segment,we have long served the global oil and gas production,processing,and the chemical and petro-chemical industries,as an integrated service provider offering a full range ofdesign,engineering,procurement,construction and project management services to a broad spectrum ofenergy-related industrie

240、s.We serve a number of specific industries including upstream oil and gasproduction,downstream refining,offshore production,chemicals and petrochemicals.While we performprojects that range greatly in size and scope,we believe that one of our distinguishing features is that weare one of the few compa

241、nies that have the global strength and reach to perform extremely large projectsin difficult locations.As the locations of large scale oil,gas and chemicals projects have become morechallenging geographically,geopolitically or otherwise,we believe that clients will continue to look to usbased upon o

242、ur size,strength,global reach and experience.Moreover,as many of our clients continue torecognize that they need to invest and expend resources to meet oil,gas and chemicals demands,webelieve that the company has been and will continue to be extremely well-positioned to capitalize on theseopportunit

243、ies.As the global economy becomes increasingly more cost-competitive,clients are placing an increasingemphasis on lower cost project execution.We also are seeing that in many of the countries where we work,clients are requiring more local content in their projects through the use of in-country talen

244、t.As a result,we continue to emphasize a dispersed execution model that allows resources from multiple offices to workon projects;we are emphasizing local training programs;and we are increasing our use of global executioncenters such as our offices in Manila,Delhi and Cebu where we can continue to

245、provide superior servicesbut on a more cost-efficient basis.Another way in which we are addressing local content requirements isour increasing use of strategic alliances with local partners,such as in Russia and China,where we can tietogether our global expertise with an existing local presence.With

246、 each specific project,our role can vary.We may be involved in providing front-end engineering,program management and final design services,construction management services,self-performconstruction,or oversight of other contractors and we may also assume responsibility for the procurementof labor,ma

247、terials,equipment and subcontractors.We have the capacity to design and construct newfacilities,upgrade and revamp existing facilities,rebuild facilities following fires and explosions,andexpand refineries,processing plants,(petro)chemical facilities and pipeline and offshore facilityinstallations.W

248、e also provide consulting services ranging from feasibility studies to process assessment toproject finance structuring and studies.In the upstream sector,our clients need to develop additional and new sources of supply.Our typicalprojects in the upstream sector revolve around the production,process

249、ing and transporting of oil and gasresources,including the development of major new fields,as well as liquefied natural gas(LNG)projects.We are also involved in offshore production facilities and also see additional opportunities in the Canadianoil sands market.In the downstream sector,we continue t

250、o pursue significant global opportunities relating to refinedproducts.Our clients are modernizing and modifying existing refineries to increase capacity and satisfyenvironmental requirements.We continue to play a strong role in each of these markets.We also remainfocused on markets such as clean fue

251、ls,both domestically and internationally,where an increasing numberof countries are implementing stronger environmental policies.As heavier feedstocks become more viableto refine,we employ our strength in technologies to pursue opportunities that facilitate the removal ofsulfur from this heavier cru

252、de.4In the chemicals and petrochemicals market,we have been very active for several years with majorprojects involving the expansion of ethylene based derivatives as well as in the production of polysilicon.The most active markets have been in the Middle East,as well as in China where there is signi

253、ficantdemand for chemical products.In addition,we have started to get involved in the front end activities ofseveral chemical facilities in the United States,driven by the availability of low cost(shale)gas.With our partner Grupo ICA,we maintain a joint venture known as ICA Fluor,through which wecon

254、tinue to participate in the Mexican and Central American oil,gas,power,chemical and other markets.Industrial&InfrastructureThe Industrial&Infrastructure segment provides design,engineering,procurement and constructionservices to the transportation,wind power,mining and metals,life sciences,manufactu

255、ring,commercialand institutional,telecommunications,microelectronics and healthcare sectors.These projects oftenrequire state-of-the-art application of our clients processes and intellectual knowledge.We focus onproviding our clients with solutions to reduce and contain cost and to compress delivery

256、 schedules.Bydoing so,we are able to complete our clients projects on a quicker,more cost efficient basis.In transportation,as the global population continues to grow,especially in emerging countries,andexisting infrastructure continues to age in developed countries,we have won and will continue to

257、pursuetransportation projects on a global basis,promoting our business model of pursuing large complex projects.We provide a broad range of services including consulting,design,planning,financial structuring,engineering and construction,domestically and internationally.Our service offerings includet

258、ransportation infrastructure such as roads,highways,bridges and rail.Many of our projects involve the useof public/private partnerships,which allow us to develop and finance deals in concert with public entitiesfor projects such as toll roads that would not have otherwise been commenced had only pub

259、lic fundingbeen available.From time to time,we are also an equity investor in certain of the public/privatepartnerships,where appropriate.Mining and metals continues to be one of our strengths,driven by a strong demand for commoditiesthat is leading our mining clients to invest in order to increase

260、their volume.In this group,we provide a fullrange of services to the iron ore,copper,diamond,gold,nickel,alumina,aluminum and other commodity-based industries.These services include feasibility studies through detailed engineering,design,procurement,construction,and commissioning and start-up suppor

261、t.We see many of these opportunitiesbeing developed in extreme altitudes,topographies and climates,such as the Andes Mountains,Mongolia,Western Australia and West Africa.We are one of the few companies with the size and experience topursue large scale mining and metals projects in these difficult lo

262、cations.In life sciences,we provide design,engineering,procurement,construction and constructionmanagement services to the pharmaceutical and biotechnology industries.We also specialize in providingvalidation and commissioning services where we not only bring new facilities into production but we al

263、sokeep existing facilities operating.The ability to complete projects on a large scale basis,especially in abusiness where time to market is critical,allows us to better serve our clients and is a key competitiveadvantage.In manufacturing,we provide design,engineering,procurement,consulting,construc

264、tion andconstruction management services to a wide variety of industries.We have recently seen opportunities forgrowth in the solar energy arena,including the production of solar panels for use in producingenvironmentally clean alternative energy.Similarly,there are opportunities for consumer electr

265、onics,chipfabrication and microelectronic facilities.GovernmentOur Government segment is a provider of engineering,construction,logistics support,contingencyresponse and management and operations services to the U.S.government.We are primarily focused onthe Department of Energy,the Department of Def

266、ense and the Department of Homeland Security.5Because the U.S.government is the single largest purchaser of outsourced services in the world,with arelatively stable year-to-year budget,it represents an attractive opportunity for the company.For the Department of Energy,we provide site management,env

267、ironmental remediation,decommissioning,engineering and construction services and have been very successful in addressing themyriad of environmental and regulatory challenges associated with these sites.Fluor performs significantactivities as part of a joint venture that has responsibility for the Sa

268、vannah River site near Aiken,SouthCarolina.There,our team is engaged in managing and operating this important site which encompassesover 300 square miles with total on site personnel of approximately 5,500 people.A Fluor-led team alsohas responsibility for the Department of Energys Portsmouth Gaseou

269、s Diffusion Plant in Pike County,Ohio.We are leveraging our skills and experience to pursue additional domestic and internationalopportunities in the nuclear services and environmental remediation arenas.The Government segment also provides engineering and construction services,as well as logistics

270、andcontingency operations support,to the Department of Defense.We support military logistical andinfrastructure needs around the world.Our largest long-term contract is LOGCAP IV,under which weprovide engineering,procurement,construction and logistical augmentation services to the U.S.military invar

271、ious international locations,with a primary focus on the United States military-related activities in andaround the Middle East and more specifically Afghanistan.In combination with our subsidiary,Del-Jen,Inc.,we are a leading provider of outsourced services to the federal government.We provideopera

272、tions and maintenance services at military bases and education and training services to theDepartment of Labor,particularly through Job Corps programs.Because of our strong network of globalresources,we believe we are well-situated to efficiently and effectively mobilize the resources necessary forD

273、epartment of Defense operations,even in the most remote and difficult locations.The company is also providing significant support to the Department of Homeland Security.We areparticularly involved in supporting the U.S.governments rapid response capabilities to address securityissues and disaster re

274、lief,the latter primarily through our long-standing relationship with the FederalEmergency Management Agency.Global ServicesThe Global Services segment integrates a variety of customized service capabilities that serve andassist industrial clients in improving the performance of their plants and fac

275、ilities.Capabilities withinGlobal Services include operations and maintenance activities,small capital project engineering andexecution,site equipment and tool services,industrial fleet services,plant turnaround services,supplychain solutions and temporary staffing.Continuing operations and sustaini

276、ng small capital project services are frequently executed undermulti-year alliance style agreements directly between Global Services and its clients.Clients demand theseservices to help achieve substantial operations improvements while they remain focused on their corebusiness functions.Support serv

277、ices for large capital projects are provided to clients in concert with otherFluor segments or on a standalone basis.This segment often benefits from large projects that originate inanother of our segments which can lead to long-term maintenance or operations opportunities.Alternatively,long-term ma

278、intenance contracts for Global Services can lead to larger capital projects forone of our other segments when that need arises.Global Services activities in the operations and maintenance markets include providing facilitystart-up and management,plant and facility maintenance,operations support and

279、asset managementservices to the oil and gas,chemicals,life sciences,mining and metals,consumer products andmanufacturing industries.We are a leading supplier of operations and maintenance services,providing ourservice offerings both domestically and internationally.We also provide Site ServicesSM an

280、d Fleet OutsourcingSM through American EquipmentCompany,Inc.,or AMECO?.AMECO provides integrated construction equipment,tool,and fleet servicesolutions on a global basis for construction projects and plant sites of both third party clients and clients of6the company.AMECO supports large construction

281、 projects and plants at locations throughout North andSouth America,Africa and the Middle East.Our supply chain solutions business line provides a full range of strategic sourcing solutions to helpexecute capital projects.Our material,equipment and subcontracted services specialists continuallymonit

282、or and analyze supply market activity,allowing us to advise our clients on procurement strategiesthat can optimize cost and schedule to support increased return on investment.Global Services serves the temporary staffing market through TRS Staffing Solutions,Inc.or TRS?.TRS is a global enterprise of

283、 staffing specialists that provides the company and third party clients withrecruiting and permanent placement services and the placement of contract technical professionals.PowerIn the Power segment,we provide a full range of services to the gas fueled,solid fuels,environmentalcompliance,renewables

284、,nuclear and power services markets.Our services include engineering,procurement,construction,program management,start-up and commissioning,operations andmaintenance and technical services.Through the gas fueled market,we offer a full range of services for simple and combined cyclereference plant de

285、signs,as well as Integrated Gasification Combined Cycle(IGCC)projects.In the UnitedStates,investment in gas fueled plants is continuing to show some resurgence,partly driven by coal-firedplant retirements.We are also expanding our international operations in this market.Through the solid fueled and

286、environmental compliance markets,we offer a full range of services forsubcritical,supercritical,ultra-supercritical and circulating fluidized bed(CFB)technologies,as well asemissions reduction solutions including selective catalytic reduction(SCR),flue gas desulphurization(FGD),and particulate and m

287、ercury controls designs.We offer significant experience in designing andconstructing coal-fired power generation facilities while delivering proven full scale technology for baseload capacity that complies with stringent industry emission guidelines.As part of our environmentalcompliance service off

288、ering,we design,install and commission emissions reduction equipment in order toassist our clients with environmental guideline compliance which allows owners to comply with currentemissions regulations.We also offer comprehensive solutions for post-combustion carbon capture andsequestration for sol

289、id fueled and gas fueled facilities on a global basis,offering our commerciallydemonstrated proprietary Econamine FG PlusSM CO2 capture technology.In the renewables market,we offer a wide range of technology choices for solar,wind,biomass andgeothermal solutions on a global basis.For solar,we are st

290、rongly focused globally on thermal technologiessuch as Photovoltaic(PV)as well as Concentrating Solar Power(CSP)applications.In the biomass market,we bring proven expertise with small boiler and circulating fluidized bed technologies for projects usingwoody biomass and/or agricultural waste fuels.In

291、 nuclear,we are strategically positioned to offer our extensive nuclear experience for new buildplants,capital modifications,extended power uprate(EPU)projects and operations and maintenanceservices on a global basis.We bring a resume of nuclear experience that includes construction of tennuclear un

292、its,design of three nuclear units and maintenance and capital modification services for unitsoperating in the United States.We also recently purchased a majority interest in NuScale Power,LLC,anOregon-based small modular nuclear reactor technology company.Power supplies engineering,procurement and c

293、onstruction services in support of this light water,passively safe design which we believewill provide us with significant future opportunities.Through our power services business line,we offer a variety of services to owners including fossil,renewable and nuclear plant maintenance,facility manageme

294、nt,operations support,asset performanceimprovement,capital modifications and improvements,operations readiness and start-up commissioningon a global basis.We have annual maintenance and modification contracts covering full generation fleetswithin the utility generation market.Additionally,we provide

295、 a solution to the transmission anddistribution market through entities based in the United States and South Africa.In the U.S.market,the7scope of services is focused on the design and construction of new transmission lines to connect newcapacity from the current renewables market to existing distri

296、bution centers.Other MattersBacklogBacklog in the engineering and construction industry is a measure of the total dollar value of work tobe performed on contracts awarded and in progress.The following table sets forth the consolidatedbacklog of the Oil&Gas,Industrial&Infrastructure,Government,Global

297、 Services and Power segmentsat December 31,2011 and 2010:December 31,December 31,20112010(in millions)Oil&Gas.$15,068$14,267Industrial&Infrastructure.19,60116,862Government.1,091751Global Services.1,8812,057Power.1,843972Total.$39,484$34,909The following table sets forth our consolidated backlog at

298、December 31,2011 and 2010 by region:December 31,December 31,20112010(in millions)United States.$8,572$8,985Asia Pacific(including Australia).10,5177,887Europe,Africa and Middle East.8,1728,340The Americas(excluding the United States).12,2239,697Total.$39,484$34,909For purposes of the preceding table

299、s,backlog for the Global Services segment includes our operationsand maintenance activities that have yet to be performed.The equipment,temporary staffing and supplychain solutions business lines do not report backlog due to the quick turnaround between the receipt ofnew awards and the recognition o

300、f revenue.With respect to backlog in our Government segment,if acontract covers multiple years,we generally only include the amounts for which Congressional funding hasbeen approved and then only for that portion of the work to be completed in the next 12 months.For ourcontingency operations,we incl

301、ude only those amounts for which specific task orders have been received.For projects related to proportionately consolidated joint ventures,we include only our percentageownership of each joint ventures backlog.We expect to perform approximately 63 percent of our backlog at December 31,2011 in 2012

302、.Although backlog reflects business that is considered to be firm,cancellations or scope adjustments mayoccur.Backlog is adjusted to reflect any known project cancellations,revisions to project scope and cost,and deferrals,as appropriate.Due to additional factors outside of our control,such as chang

303、es in projectschedules,we cannot predict the portion of our December 31,2011 backlog estimated to be performedannually subsequent to 2012.For additional information with respect to our backlog,please refer to Item 7.ManagementsDiscussion and Analysis of Financial Condition and Results of Operations,

304、below.8Types of ContractsWhile the basic terms and conditions of the contracts that we perform may vary considerably,generally we perform our work under two groups of contracts:cost reimbursable contracts,and fixed-price,lump-sum and guaranteed maximum contracts.In some markets,we are seeing hybrid

305、contractscontaining both fixed-price and cost reimbursable elements.As of December 31,2011,the following tablebreaks down the percentage and amount of revenue associated with these types of contracts for ourexisting backlog:December 31,2011(in millions)PercentageCost Reimbursable.$33,55585%Fixed-Pri

306、ce,Lump-Sum and Guaranteed Maximum.$5,92915%Under cost reimbursable contracts,the client reimburses our cost in performing a project and pays usa pre-determined fee or a fee based upon a percentage of the cost incurred in completing the project.Ourprofit may be in the form of a fee,a simple mark-up

307、applied to labor cost incurred in performing thecontract,or a combination of the two.The fee element may also vary.The fee may be an incentive feebased upon achieving certain performance factors,milestones or targets;it may be a fixed amount in thecontract;or it may be based upon a percentage of the

308、 cost incurred.Our Government segment,as a prime contractor or a major subcontractor for a number ofU.S.government programs,generally performs its services under cost reimbursable contracts subject toapplicable statutes and regulations.In many cases,these contracts include incentive fee arrangements

309、.Theprograms in question often take many years to complete and may be implemented by the award of manydifferent contracts.Some of our government contracts are known as Indefinite Delivery IndefiniteQuantity(IDIQ)agreements.Under these arrangements,we work closely with the government to definethe sco

310、pe and amount of work required based upon an estimate of the maximum amount that thegovernment desires to spend.While the scope is often not initially fully defined or does not require anyspecific amount of work,once the project scope is determined,additional work may be awarded to uswithout the nee

311、d for further competitive bidding.Fixed-price contracts include both negotiated fixed-price contracts and lump-sum contracts.Undernegotiated fixed-price contracts,we are selected as contractor first,and then we negotiate price with theclient.These types of contracts generally occur where we commence

312、 work before a final price is agreedupon.Under lump-sum contracts,we bid on a contract based upon specifications provided by the clientagainst competitors,agreeing to develop a project at a fixed price.Another type of fixed-price contract is aunit price contract under which we are paid a set amount

313、for every unit of work performed.If weperform well under these contracts,we can benefit from cost savings;however,if the project does notproceed as originally planned,we cannot recover cost overruns except in certain limited situations.Guaranteed maximum price contracts are performed in a manner sim

314、ilar to cost reimbursablecontracts except that the total fee plus the total cost cannot exceed an agreed upon guaranteed maximumprice.We can be responsible for some or all of the total cost of the project if the cost exceeds theguaranteed maximum price.Where the total cost is less than the negotiate

315、d guaranteed maximum price,we may receive the benefit of the cost savings based upon a negotiated agreement with the client.CompetitionWe are one of the worlds largest providers of engineering,procurement and construction services.The markets served by our business are highly competitive and for the

316、 most part require substantialresources and highly skilled and experienced technical personnel.A large number of companies arecompeting in the markets served by our business,including U.S.-based companies such as BechtelGroup,Inc.,CH2M Hill Companies Limited,Jacobs Engineering Group,Inc.,KBR Inc.,th

317、e Shaw Groupand URS Corporation,and international-based companies such as AMEC plc,Balfour Beatty,ChicagoBridge and Iron Company N.V.,Chiyoda Corporation,Foster Wheeler AG,Hyundai Engineering&9Construction Company,JGC Corporation,McDermott International,Inc.,Samsung Engineering,Technipand WorleyPars

318、ons Limited.In the engineering and construction arena,our competition is primarily centered on performance andthe ability to provide the design,engineering,planning,management and project execution skills requiredto complete complex projects in a safe,timely and cost-efficient manner.Our engineering

319、,procurementand construction business derives its competitive strength from our diversity,reputation for quality,technology,cost-effectiveness,worldwide procurement capability,project management expertise,geographic coverage and ability to meet client requirements by performing construction on eithe

320、r a unionor an open shop basis,ability to execute projects of varying sizes,strong safety record and lengthyexperience with a wide range of services and technologies.The various markets served by the Global Services segment,while having some similarities,tend alsoto have discrete issues impacting in

321、dividual units.Each of the markets we serve has a large number ofcompanies competing in its markets.The equipment sector,which operates in numerous markets,is highlyfragmented and very competitive,with most competitors operating in specific geographic areas.Thecompetition for larger capital project

322、services is more narrow and limited to only those capable ofproviding comprehensive equipment,tool and management services.Temporary staffing is a highlyfragmented market with over 1,000 companies competing globally.The key competitive factors in thisbusiness line are price,service,quality,breadth o

323、f service and the ability to identify and retain qualifiedpersonnel and geographical coverage.The barriers to entry in operations and maintenance are bothfinancially and logistically low with the result that the industry is highly fragmented with no single companybeing dominant.Competition is genera

324、lly driven by reputation,price and the capacity to perform.Key competitive factors in our Government segment are primarily centered on performance and theability to provide the design,engineering,planning,management and project execution skills required tocomplete complex projects in a safe,timely a

325、nd cost-efficient manner.Significant ClientsFor 2011,revenue earned from agencies of the U.S.government and Exxon Mobil Corporation and itsaffiliates accounted for 14 percent and 13 percent,respectively,of our total revenue.We perform work forthese clients under multiple contracts and sometimes thro

326、ugh joint venture arrangements.Raw MaterialsThe principal products we use in our business include structural steel,metal plate,concrete,cable andvarious electrical and mechanical components.These products and components are subject to raw material(aluminum,copper,nickel,iron ore,etc.)availability an

327、d commodity pricing fluctuations,which wemonitor on a regular basis.We have access to numerous global supply sources and we do not foresee anyunavailability of these items that would have a material adverse effect on our business in the near term.However,the availability of these products,components

328、 and raw materials may vary significantly from yearto year due to various factors including client demand,producer capacity,market conditions and specificmaterial shortages.Research and DevelopmentWhile we engage in research and development efforts for new products and services,during the pastthree

329、fiscal years,we have not incurred cost for company-sponsored or client-sponsored research anddevelopment activities which would be material,special or unusual in any of our business segments.PatentsWe hold patents and licenses for certain items that we use in our operations.However,none is soessenti

330、al that its loss would materially affect our business.10Environmental,Safety and Health MattersWe believe,based upon present information available to us,that our accruals with respect to futureenvironmental cost are adequate and any future cost will not have a material effect on our consolidatedfina

331、ncial position,results of operations,liquidity capital expenditures or competitive position.Somefactors,however,could result in additional expenditures or the provision of additional accruals inexpectation of such expenditures.These include the imposition of more stringent requirements underenvironm

332、ental laws or regulations,new developments or changes regarding site cleanup cost or theallocation of such cost among potentially responsible parties,or a determination that we are potentiallyresponsible for the release of hazardous substances at sites other than those currently identified.Number of

333、 EmployeesThe following table sets forth the number of employees of Fluor and its subsidiaries engaged in ourbusiness segments as of December 31,2011:Number ofEmployeesSalaried Employees:Oil&Gas.9,869Industrial&Infrastructure.4,776Government.11,328Global Services.3,445Power.816Other.3,018Total Salaried.33,252Craft and Hourly Employees.9,835Total.43,087The number of craft and hourly employees,who p