Irving-based Fluor secures $1.5 billion Kearl Oil Sands contract in Canada

by PegNews wire

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Terms of the contract amounts to roughly $1.5 billion.

Photo not provided by Fluor, Canada

The savings on cartons allowed the Canadians to splurge a little on the terms of the contract

IRVING — Fluor Corporation announced today that it was awarded an engineering, procurement and construction (EPC) contract for infrastructure, and offlease facilities for the first phase of Imperial Oil’s Kearl oil sands project, a surface mining and bitumen extraction operation located 70 kilometers northeast of Fort McMurray, Alberta. For this project, Fluor will book approximately $1.5 billion in 2009, with the majority of the award recognized in the second quarter of 2009.

“This significant project award expands our presence in the upstream side of the Canadian oil sands business, a key growth market for our company,” said David Seaton, Fluor’s senior group president for Energy & Chemicals, Power and Government. “Imperial Oil is a long-time client and we are thrilled to continue our relationship by helping them achieve their Canadian heavy oil growth strategy.”

The Kearl project is envisioned to be developed in three phases and could ultimately produce more than 300,000 barrels per day of bitumen. The first phase of the project is expected to begin production in late 2012.

Headquartered in Irving, Texas, Fluor is a Fortune 200 company and had revenues of $22.3 billion in 2008.

Source: Fluor Corp.