Five-Year Award to Manage & Operate U.S. SPR Assets in Louisiana and Texas
IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that Fluor Federal
Petroleum Operations, LLC, has won a U.S. Department of Energy (DOE)
contract for the management and operation of the Strategic Petroleum
Reserve (SPR). The contract has a base term of five years with an option
to extend the contract term for an additional five years, for a total
contract period of 10 years. The value for the base contract period is
approximately $697 million. The Fluor-led FFPO also includes MRIGlobal,
Booz Allen Hamilton, and APOM as integrated subcontractors.
“We are extremely pleased that DOE has selected us to help them manage
the SPR program,” said Bruce Stanski, president of Fluor’s Government
Group. “We have a strong legacy supporting our country’s national
security objectives, and welcome the opportunity to further our
expertise at the SPR. Our history as a prime contractor committed to our
DOE customer, underpinned by our 100-year legacy in the oil and gas
industry, makes us well suited to enhance the critical mission of
securing and maintaining our nation’s energy reserves.”
The SPR is the world’s largest supply of emergency crude oil. The
federally-owned oil stocks are stored in underground salt caverns in
Louisiana and Texas. Decisions to withdraw crude oil from the SPR are
made by the U.S. President. In the event of an energy emergency, SPR oil
would be distributed by competitive sale. The SPR has been used under
these circumstances only three times, most recently in June 2011 when
the President directed a sale of 30 million barrels of crude oil to
offset disruptions in supply due to Middle East unrest.
About Fluor Corporation
For more than 100 years, Fluor Corporation (NYSE: FLR) has partnered
with its clients to design, build and maintain many of the world's most
challenging and complex capital projects. Through its global network of
offices on six continents, more than 41,000 employees provide
comprehensive capabilities and world-class expertise in the fields of
engineering, procurement, construction, commissioning, fabrication,
operations, maintenance and project management. Today, the company
serves a global client base in the energy, chemicals, government,
industrial, infrastructure, operations & maintenance, manufacturing &
life sciences, mining, power and transportation sectors. Headquartered
in Irving, Texas, Fluor ranks 110 on the FORTUNE 500 list and had
revenue of $27.6 billion in 2012. For more information, visit www.fluor.com
and follow us on Twitter at @FluorCorp.
Fluor CorporationMedia RelationsKeith Stephens, 469-398-7624orBrian Mershon, 469-398-7621orInvestor RelationsKen Lockwood, 469-398-7220orJason Landkamer, 469-398-7222