19 2023 Integrated Report 01 Our Company and Strategy 02 Our Businesses 03 Our Functions 04 Our Corporate Information “Our clients have trusted Fluor to deliver countless projects that lower carbon emissions and provide energy security. Together, we are transforming the energy sector.” WHAT WERE A FEW 2023 PROJECT HIGHLIGHTS? Commissioning and start-up activities are ongoing at the ICA Fluor Dos Bocas refinery in Mexico. The project achieved mechanical completion in 2023. When operational, the facility is expected to add significant capacity to Mexico’s refining system. Fluor completed the New Fortress Energy Fast LNG-1 project in 2023. This is the first project in the world to deploy a modular, mid-scale LNG solution onto mobile jack-up rigs. First gas was introduced in November 2023. The Albemarle Meishan project, in China, reached mechanical completion at the end of 2023. Fluor provided engineering, procurement and construction management services for the facility, which will produce 50,000 tons of lithium hydroxide per year, an essential precursor material for high-performance lithium-ion batteries in electric vehicles. At the LNG Canada Export Facility, construction is 90% complete, and we are well into pre-commissioning and commissioning activities. Read more about the LNG Canada project on pages 20-21 How is Energy Solutions fulfilling Fluor’s purpose to build a better world? Our diverse portfolio of projects contributes to sustainable economic and social progress by meeting today’s global needs for energy and chemicals. The world is experiencing shifting energy and chemical demands, geopolitical instability and global sustainability concerns, which are increasing commitments to energy transition, security and diversification. These shifts are driving work in various markets including petrochemicals, renewable fuels, carbon capture, hydrogen energy, battery chemicals, liquified natural gas (LNG) and commercial nuclear power. We also understand that honoring local traditions and engaging communities are key to cultivating an inclusive and prosperous future. At the LNG Canada project in Kitimat, British Columbia, we work closely with local communities and First Nations to ensure that job and enterprise opportunities exist to create a strong and sustainable future. Of the 8,200 people working on the project, 98% are from Canada and a quarter of that population is from British Columbia. We are also buying materials locally for the project. We spent more than $331 million on goods and services from local businesses and more than $1.6 billion on contracts with indigenous businesses. Q&A with Jim Breuer, Group President, Energy Solutions How is Energy Solutions driving growth across Fluor’s portfolio? We are building and executing quality backlog in both traditional and energy transition markets, while delivering on Fluor’s strategic priorities. Through this effort, we are seeing significant growth in our energy transition portfolio of technologies and applications to help our clients achieve their sustainability goals. We are leveraging our execution and technology strengths to win new projects and pull existing projects to the next phases. In 2023, 70% of new award projects (by count) were sole source awards and 40% were conversions from early phase work we performed. We are emphasizing long-term relationships and Fluor’s value proposition. We are seeing the benefits of this focus in new awards for a net-zero ethylene cracker, a refinery decarbonization project and multiple facilities in the battery chemicals space. ENERGY TRANSITION PROJECTS* 10% of backlog in 2022 48% of backlog in 2023 * of Energy Solutions business segment
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