Fluor Awarded Five-Year $334 Million Contract by Kuwait Oil Company

Fluor Corporation (NYSE:FLR) announced today that it won a five-year $334 million consultancy services contract to provide overall program management on several projects for Kuwait Oil Company (KOC). Fluor will provide project and construction management and other services for new facilities and upgrading of existing facilities. The company plans to book the first two years of the contract, or approximately $90 million, in the first quarter 2008. "This contract award enables us to provide comprehensive services and continuity to KOC while leveraging the extensive experience of our 400-person project team located in both Kuwait and U.K.,” said David Seaton, president of Fluor’s Energy & Chemicals Group. "We anticipate supporting KOC in its overall 2020 business objectives of reaching optimum oil field capacity and enhancing its facilities.” The Fluor project team currently resides in Ahmadi, Kuwait, with engineering performed from the firm’s Camberley office in the United Kingdom. Fluor had previously provided these consultancy services to KOC from 2003 to 2007 under a similar five-year contract. "The contract is critical to support KOC’s ongoing comprehensive program of major projects and is considered to be essential to the day-to-day business and future development of KOC’s facilities,” said Sami Al-Rushaid, Chairman, Kuwait Oil Company. "Fluor has previously demonstrated its proven added value, competency and expertise providing these services to KOC in the previous five years,” said Al-Rushaid. The new capital projects include the development of oil gathering centers, gas booster stations and export facilities for KOC, which is the upstream operating company of Kuwait Petroleum Corporation. Fluor is also currently performing work for Kuwait National Petroleum Corporation and Petroleum Industries Company, both subsidiaries of Kuwait Petroleum Company. Fluor Corporation (NYSE:FLR) provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 500 company with revenues of $14.1 billion in 2006. For more information, visit www.fluor.com. (FLRG)