Bechtel Announces 2010 Financial Results
25 April 2011
SAN FRANCISCO, California
Company Extends Strong Financial Trend
- Total Revenue of $27.9 billion
- New work booked of $21.3 billion
- Revenue backlog of $78 billion
Bechtel Corporation today announced its business results for 2010, highlighting a strong year in which the company’s diverse portfolio once again delivered solid results. Bechtel had revenue of $27.9 billion; new work booked of $21.3 billion, which was up 5 percent from the previous year; and ended the year with project revenue backlog of $78 billion, more than two times annual revenue.
“In 2010, we completed significant projects, took on challenging new ones, and expanded our reach into new markets, reinforcing our global industry leadership,” said Bechtel President and Chief Operating Officer Bill Dudley. “We also demonstrated the power of innovation in driving our business. We formed new alliances and strengthened existing ones to meet the needs of customers by providing the world class engineering and construction capabilities they require as the industry evolves.”
Bechtel’s commitment to safety, quality, and the communities where we work was evident throughout the year. Dozens of projects achieved at least 1 million job hours without losing time to an accident or injury, proving once again Bechtel is one of the safest engineering and construction companies in the world. In 2010, Bechtel continued to bolster quality, delivering customers projects built the right way the first time, inside and out, as we refined our Six Sigma program, a key driver in quality improvement.
At the same time, Bechtel demonstrated its firmly held value of planning and acting for the long-term good of our world through its sustainability programs. With more than 60 LEED-accredited professionals on staff, Bechtel continued to incorporate sustainability into diverse projects ranging from transportation systems to industrial facilities. In addition, training programs provided local workers around the world, from Angola to the Marshall Islands, with skills and knowledge that will better prepare them for additional employment opportunities, improving their quality of life.
“The tremendous accomplishments of 2010 are a reflection of the skill and dedication of our employees, further underscores the strength of our business model, and leaves us well-positioned for the future. Looking ahead, we will continue our expansion into global emerging markets, bring best-in-class skills to our customers, and deliver the high quality, high value performances for which we are known,” added Mr. Dudley.
In 2010, Bechtel’s 52,700 employees helped nations and communities develop through dozens of projects in 44 countries. Each of our global business units contributed to our success in 2010.
With infrastructure projects in Africa, Asia, Europe, the Middle East, and North America, 2010 was a strong year for the Civil global business unit. New work included master planning for the country of Gabon; construction of a motorway in Kosovo that will help bring commerce and trade to the war-torn country; and a project to build the new Muscat International Airport passenger terminal in Oman. Progress was made on high-profile projects including: the New Doha International Airport in Qatar, which will set new standards in the aviation industry; the new Crossrail commuter railway in England that will connect London to its eastern and western suburbs; and the Dulles Metrorail extension in the United States, which will provide seamless travel between Washington, D.C., and Dulles International Airport.
Bechtel National, Inc., our government services business, performed solidly in 2010 on a variety of notable defense and environmental cleanup projects. At the Hanford Waste Treatment Plant in Washington state, multiple milestones were achieved including installation of giant shield doors vital to advancing construction of what will be the world’s largest radioactive waste treatment plant. U.S. national laboratories in California and New Mexico, managed by Bechtel teams, excelled in scientific and medical research while taking steps to modernize and streamline their primary mission of monitoring the nation’s nuclear stockpile. Bechtel also continued to help former Soviet republics eliminate legacy threat programs, adding a contract to reduce biological threats in Uzbekistan.
Mining & Metals
Alliances with two mining giants helped propel Bechtel’s Mining & Metals global business unit to a strong year in 2010. Through its partnership with BHP Billiton, Bechtel began the expansion of the Crinum North coal mine in Australia and developed seven other projects, including a coal terminal expansion and a metallurgical coal mine. Bechtel’s alliance with Xstrata moved into the execution phase as work began on two major copper projects in Peru. Bechtel also continued its work on the world’s largest-coal handling facility in Australia, and started construction of an aluminum smelter in Saudi Arabia.
Oil, Gas, & Chemicals
The Oil, Gas, & Chemicals global business unit capitalized on the growth of the liquefied natural gas (LNG) market while maintaining its position in the refining, pipeline, and gas processing sectors. Last year saw the start of two new LNG projects in Australia and progress on an LNG project in Angola that is now more than 60 percent complete. Pipeline and refining projects in North America, including expansions of the Keystone Pipeline system and the Motiva Port Arthur Refinery, advanced, and three major gas processing projects in the Middle East were completed.
The Power global business unit reinforced its role as an industry leader with achievements across multiple sectors. Bechtel formed an alliance with Babcock & Wilcox (B&W) to design and deploy B&W’s small modular nuclear reactors; broke ground on Ivanpah, which will be one of the world’s largest solar thermal complexes of its kind; and completed the Oak Creek power plant expansion project in Wisconsin, making the facility one of the most efficient coal-fired power plants in the United States.