FLR – Quick Take – Takeaways from the Truist Securities Industrials & Services Conference

Research evidence excerpt

FLR – Quick Take – Takeaways from the Truist Securities Industrials & Services Conference

nering with suppliers for specialized

scope. While nuclear timelines remain long and execution capacity constrained industry-

wide, Fluor believes it is one of the best positioned players. In gas-fired power, Fluor is

selectively engaged with a small group of high-quality utility customers, prioritizing projects

4 Page Document with disciplined commercial contract structures and where customers directly procure turbine

equipment, thereby eliminating lower-margin sourcing. Typical combined cycle projects are

in the $1,200 to $1,400 per kW range, translating to roughly $2.4B-$2.8B per 2MW project.

Reasons for this report The company is being highly selective and sees three gas-fired opportunities likely to move

forward, with two additional prospects still developing, supported by permitting progress and

✓ Quick Reaction to Newsflow/Volatility ongoing FEED work.

✓ Truist Securities Conference Takeaways

Re-emerging Middle East opportunities drive oil and gas upside potential: Oil and

gas presents incremental upside, particularly in the Middle East which is not embedded in

guidance. Activity is concentrated in Saudi Arabia and Abu Dhabi, where previously delayed

opportunities such as Aramco-related work are re-emerging representing multi-billion-dollar

opportunities, supplemented by potential rebuild work tied to insurance outcomes. Iraq

also represents a viable market for project growth. Despite strong regional opportunity,

the company remains disciplined, avoiding overly competitive markets such as Qatar.

Elsewhere, Venezuela could emerge as a longer-dated opportunity, although funding clarity

remains a key constraint; however, Fluor is proactively positioning itself to capture the