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Friday, November 20, 2009

Water Stocks News - Fluor (NYSE: FLR) Forms Offshore Alliance with COOEC; New Alliance to Pursue Large Projects in China & Australia

Water Stocks News - Fluor (NYSE: FLR) Forms Offshore Alliance with COOEC; New Alliance to Pursue Large Projects in China & Australia

IRVING, Texas--Nov 19th --Fluor Corporation (NYSE: FLR) announced today that it has entered into a formal alliance with Offshore Oil Engineering Corporation Ltd. (COOEC), a subsidiary of China National Offshore Oil Corporation Ltd. (CNOOC), in the pursuit of large offshore oil & gas projects in the Asia-Pacific region including China and Australia.

“This alliance reinforces a 10-year relationship and establishes a competitive engineering, procurement, installation and construction (EPIC) project execution platform for Fluor Offshore Solutions in the region,” said Peter Oosterveer, president of Fluor’s Energy & Chemicals Group. “Fluor is very optimistic about the potential of this relationship to provide customers with value-added, integrated solutions in the Asia-Pacific offshore industry. The alliance with COOEC adds complementary strengths for both companies in the pursuit of large offshore projects.”

“COOEC and Fluor have developed an excellent working relationship that began with cooperation in the early 1990s,” said Jiang Xizhao, president of COOEC. “Based on our mutual understanding and trust, we have come a long way to reach this agreement. Through this alliance, we expect to improve our competence in developing and collaborating on large EPIC contracts and increase our international competitive advantage in the industry. With this agreement, I believe our mutually-beneficial long-term relationship with Fluor will be strengthened and that our increased cooperation holds future promise.”

“COOEC is recognized throughout China as a leading designer, fabricator and installer of large offshore oil and gas projects with a stellar safety record of a 0.19 lost-time incidence rate in 2008,” said Jim Heavner, senior vice president of Fluor’s upstream business. “We are convinced that by leveraging the capabilities of Fluor Offshore Solutions with COOEC, this alliance will bring extraordinary EPIC assets to new oil and gas projects.”

The alliance will focus on both shallow and deep water as well as fixed and floating facility projects in the region with the possibility of leveraging the alliance globally in other regions and industries on a case-by-case basis.

COOEC has significant strength in fabrication with a capacity of more than 400,000 tons per year and major yards in Qingdao and Tanggu. COOEC also has more than 2,000 Chinese-based design and engineering professionals and 23 diversified marine vessels to support offshore construction. COOEC’s main operations are based in Tanggu, China with five other yards located along the coast of China.

Fluor Offshore Solutions has worked in the Asia Pacific Region for more than 30 years. In addition to its recently completed project in Bohai Bay, China, Fluor Offshore Solutions has completed Kizomba “A” and “B” in Angola, West Africa, the Bayu Undan production facility, the Enfield FPSO off the coast of Australia and two offshore projects in Trinidad.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenues of $22.3 billion in 2008. For more information, visit www.fluor.com.

About COOEC

COOEC as a leading offshore contractor in China provides services in project management, engineering, procurement, onshore fabrication, load-out and sea fastening, offshore transportation, offshore installation, subsea pipeline/cable laying, hook-up, commissioning, start-up and production. With aiming to become a competitiveness global energy engineering company, COOEC is also one of the largest offshore industry EPCI contractors in Asia-Pacific region. It has expanded business and been strengthening competitive advantage by continuously improving program including enhancement of management, technical and facilities capacity, expanding downstream businesses/developing global market. For more information, visit www.cnoocengineering.com.





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