Fluor-Led Consortium to Build Offshore Drilling & Gas Production Platform off Coast of Trinidad

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Wednesday, June 20, 2007

Fluor Corporation (NYSE:FLR) announced today that its subsidiary, Fluor Daniel South America Limited, will lead a consortium with J. Ray McDermott, a subsidiary of McDermott International, Inc. (NYSE:MDR), to provide program management, engineering, procurement, construction and installation (EPCI) of the 4,000-ton topsides for an offshore drilling and gas production platform for BG Trinidad & Tobago Limited. The Poinsettia project will be located off the northwest coast of Trinidad in 530 feet of water.

A minor portion of the award was booked in the fourth quarter of 2006 and the balance of the award was booked in first quarter 2007.

“Two major companies have teamed on this EPCI project to provide our client with a one-stop solution that meet its goals of a faster schedule with significant Trinidadian content, without compromising on the safety or quality in the project,” said David Seaton, president of Fluor’s Energy & Chemicals Group.

TOFCO of Trinidad, a key subcontractor on the project, will be fabricating the topsides at its fabrication yard in Trinidad. It is the first time that topsides of this size will be fabricated in Trinidad by a local fabricator.

Fluor’s project scope includes overall project management as well as the design and fabrication of the platform topsides by TOFCO and J.Ray McDermott’s scope is the design and fabrication of the platform jacket, as well as transportation and installation of both the jacket and the topsides. Fluor will also provide the final hook-up and commissioning assistance.

Project construction is slated to begin in fall 2007, with fourth quarter 2008 mechanical completion and first gas at the end of 2008.

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