IRVING, Texas--(EON: Enhanced Online News)--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”
“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.