Bechtel Announces 2009 Business Results
31 March 2010
Bechtel Corporation today announced 2009 revenue of $30.8 billion; new work booked of $20.3 billion; and backlog revenue of $82.1 billion. Revenue and new work booked for the year were below 2008’s record-breaking results of $31.4 billion and $35 billion, respectively, underscoring the impact of the economic recession on the industry. Backlog revenue was down five percent from $86.5 billion at the end of 2008.
“Our 2009 results reflect the strength of our performance and the value of our diverse portfolio, which can withstand the volatility of market shifts,” said Bechtel Chairman and CEO Riley Bechtel. “As economic growth resumes, we are well positioned to win new work and maintain our standing as the world’s premier engineering, construction, and project management firm,” he added.
Safety remained the company’s top priority in 2009 and Bechtel’s record continues to far exceed the industry average. In 2009, 53 Bechtel projects each had achieved at least 1 million consecutive work hours without a lost-time accident.
Bechtel also reinforced its commitment to quality—doing every job right the first time. The company is developing new ways to measure quality and integrate quality assurance into every project, from start to finish. In addition, Bechtel continues to refine its Six Sigma quality improvement program, now in its 10th year.
The company’s sustainable development program continues to enhance the communities in which Bechtel works by focusing on the social, economic, and environmental aspects of projects. A key component of that effort is job training for local workers, giving them skills they can use long after a project is complete. In Soyo, Angola, for example, a worker enhancement program has trained several thousand Angolans in project safety and construction skills.
Bechtel’s global reach across multiple industries again stood the company in good stead. With solid performance across the board, Bechtel helped customers build roads and rail systems, airports, refineries and gas processing plants, power plants, mineral processing facilities, and telecommunications networks, while also managing important defense and energy work for the U.S. government.
Oil, Gas & Chemicals
Bechtel’s Oil, Gas & Chemicals business unit worked on a variety of projects around the world. In the United States, it continued to expand several major refineries and a large receiving terminal for liquefied natural gas, and made good progress on the Canada-to-United States Keystone Pipeline. In Angola, work is well along on a large processing plant for liquefied natural gas, and in India, Bechtel completed a major refinery complex and an offshore gas development project.
Bechtel was selected to be a key player on Crossrail, a new railway that will connect London to its eastern and western suburbs. The Bechtel team will be responsible for the 21-kilometer underground section beneath the city. In addition to the Crossrail award, Bechtel continued work on modern motorways in Albania and Romania, and the New Doha International Airport took shape in Qatar. In the United States, excavation began for a major tunnel on a rail project that will link Washington, D.C., and its international airport.
In California, Bechtel signed a landmark agreement with BrightSource Energy to construct a 440-megawatt solar thermal power complex in the Mojave Desert. Bechtel also invested in the project, underscoring its commitment to renewable energy sources and new technologies. The Power business unit moved ahead on a plant in Indiana that will use cleaner coal technology to reduce emissions, and several other plants under construction that will feature advanced air quality control systems. In the nuclear sector, Bechtel continued work to increase generating capacity at several plants and strengthened its position as a leader in steam generator replacements.
Again in 2009, Bechtel was one of the top service providers to U.S. federal and state government agencies. A significant milestone came in Washington state, where work passed the halfway point on a plant that will treat hazardous liquid waste at a former nuclear production site. The company also made substantial progress on projects to eliminate unused chemical weapons at Department of Defense sites in Colorado and Kentucky.
Mining and Metals
Bechtel’s work continued in the mining and metals industries last year despite a slump in commodity prices. In Australia, Bechtel has alumina refinery projects on both the eastern and western coasts, and in New South Wales, it is expanding the world’s largest coal-loading operation. Bechtel also has a strong presence in Chile, where it is engaged in several large copper projects.