Global EPC Contract and Risk Management Corporate Parity London, United Kingdom 6 – 7 October, 2016 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 1 Acknowledgement Good afternoon. Thank you to Corporate Parity for inviting me to speak at this year’s Global EPC Contract and Risk Management Conference here in London Specific thanks to Stephanie Davies and Arianna Lee for their involvement in the organisation of the Conference, and for guiding me through the bio, presentation and registration processes And, of course, thanks to all of you for participating¹ Before I start², I would like to give you a two-minute introduction to both myself, and to Fluor before moving onto my subject, which looks at Global EPC Contracting on two mega programmes. Firstly, the Sak-I Programme in the Russian Federation; and secondly, the RAPID Programme in Malaysia ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Peter L. Absalom - Profile UK Citizen; Tertiary qualifications in Business Finance and Law 40 years experience in the Engineering Construction Industry (Oil and Gas; Power; Infrastructure and Defence Sectors) Worked 15 around the world with Owners; Majors and Minors years as an Owner/Operator of my own business Current role as Executive Director of Supply Chain within the Central Directorate (or IPMT) responsible for all Contract Management and Procurement on the RAPID Programme ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Fluor Corporate Overview One of the world’s leading publicly traded engineering, procurement, fabrication, construction, maintenance, & project management companies #136 on the FORTUNE® 500 list in 2015 Over 1,000 projects annually, serving more than 600 clients in 81 different countries 45,000+ employees executing projects globally Offices in 32 countries on 6 continents 104-year company legacy Fluor Corporate Headquarters Dallas, Texas ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation 4 2014 Financial Performance Revenue: $21.5 billion New awards: $28.8 billion Backlog: $42.5 billion Fluor Corporation is rated at one of the higher investment grade levels: Fluor Corporation 59 Years on NYSE ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation 5 Fluor Worldwide Office Locations Americas Europe/Africa/Middle East Asia/Australia Aliso Viejo, California Anchorage, Alaska Arlington, Virginia Buenos Aires, Argentina Calgary, Alberta, Canada Charlotte, North Carolina Dallas, Texas Greenville, South Carolina Houston, Texas Idaho Falls, Idaho Lima, Peru Long Beach, California Mexico City, Mexico North Charleston, South Carolina Port of Spain, Trinidad Richland, Washington San Francisco, California San Juan, Puerto Rico São Paulo, Brazil Santiago, Chile Texas City, Texas Vancouver, B.C., Canada Washington, D.C. Aberdeen, Scotland Abu Dhabi, U.A.E. Ahmadi, Kuwait Al Khobar, Saudi Arabia Amsterdam, The Netherlands Antwerp, Belgium Asturias, Spain Bergen-op-Zoom, The Netherlands Birmingham, England Doha, Qatar Dublin, Ireland Durban, South Africa Farnborough, England Gaborone, Botswana Gliwice, Poland Johannesburg, South Africa London, England Madrid, Spain Maputo, Mozambique Moscow, Russia Rotterdam, The Netherlands Secunda, South Africa Tarragona, Spain Atyrau, Kazakhstan Bangkok, Thailand Beijing, China Brisbane, Australia Cebu, Philippines Jakarta, Indonesia Kuala Lumpur, Malaysia Manila, Philippines Melbourne, Australia New Delhi, India Perth, Australia Seoul, South Korea Shanghai, China Singapore Tokyo, Japan Years of Experience in Region North America South America Europe Africa Middle East Asia Australia 104 79 68 56 69 65 66 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation 6 Political Map of the Russian Federation Approximately 70 times geographic area of UK; only twice the population ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Remember the Cold War Does anyone recognise this remarkable young lady ? What is her “claim to fame” ? Can you name any of her incredible achievements ? ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 8 Remember the Cold War Lynne Long Cox distance “open” swimmer Swam the 2.4 miles between Little Diomede Island (US) and Big Diomede Island (Russia) in less than 2 hours On 7 August, 1987 By comparison (for all golfers): World’s Longest Drive = 720 yards (Paul Slater at London City Airport) = 6 shots from Russia to the US ! ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 9 Distance between Russia and US ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 10 Dissolution of the USSR - 1991 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Major Events Timeline 1991 - 2015 1994 – Chechnya crisis 1998 – Economic collapse; default on foreign debt Russian Ruble in free fall RUR6:$1.00 to >RUR21:$1.00 Domestic inflation estimated at 84% 1999 – Chechnya/Dagestan crisis 2000 – Putin emerges as the “new leader” 2005 – Fuel for Iran’s Bushehr Nuclear Reactor 2005 – North Caucasus crisis 2006 – Cut gas supply to Ukraine – Stand off re anti missile systems (West – sites in Poland; East – sites in Kaliningrad) 2007 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 12 Major Events Timeline 1991 – 2015 (contd) 2008 – Georgia crisis (Abkhazia and South Ossetia) 2008 – Financial crisis – Global meltdown 2009 – Cut gas supply to Ukraine – Human Rights crisis (treatment of activists and opponents of the Kremlin) 2012 – Ukraine Revolution and resulting imposition of sanctions; further reviews in March, April and July 2014 2015 – G7/EC extend sanctions/Enter Syrian War/Turkey crisis 2016 – Rio Olympics crisis/Forecast of economic collapse ? Impact /Review of US/EU sanctions – signs of easing ? Oil Price $115 to <$50 per barrel Russian Ruble in free fall RUR30:$1.00 to <RUR65:$1.00 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 13 Real Impact of the price of oil Source - 10 MostToday.com Russia is the world’s largest oil producing country Russia currently produces c. 11 million barrels of oil per day Russian production represents c. 13 per cent of the world’s oil production Revenue Pre crisis = 11,000,000 x 115 x 30 = 37.95 billion rubles per day Current Real = 11,000,000 x 50 x 65 = 35,75 billion rubles per day negative impact on the economy is therefore less than 6% ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 14 Directly Targeted Sanctions On 20 March, 2014 the US Department of Treasury’s Office of Foreign Assets Control (OFAC) issued sanctions targeting certain Russian banks, energy and defence companies under Executive Order 13662 These sanctions are intended to increase the cost to Russia as it continues to violate Ukraine’s territorial integrity and sovereignty (Crimea; East Ukraine Luhansk/Donetsk/Mariupol) Under current conditions prevailing in the region, these sanctions could continue well into the future. It is possible that additional sanctions targeting Russian businesses and individuals will be levied, as the US and its allies continue to isolate Russia from US financial markets and increase cost of borrowing for certain specifically identified companies in key sectors of the Russian economy. ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 15 Additional Sanctions Directive 4 issued on 12 September, 2014. This new Directive, together with previously issued sanctions, can be rolled back only when Russia implements the 12-point Minsk Agreement¹ Peace Plan developed by the US and its European allies Sectoral Sanction Identifications (SSI’s) goods, services and technology sanctions aimed at Russia’s energy sector Targeted Against five energy companies Gazprom Gazprom Neft Lukoil Rosneft Surgutneftegas ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 16 Additional Comments 1 – the major points in the Minsk Agreement include: Immediate and sustainable ceasefire Allow OSCE (the Organisation for Security and Cooperation in Europe) free and unlimited access to the region Free all hostages and other illegally held persons Withdrawal of all troops, armed groups and military equipment Sadly, meetings that have been arranged to discuss the possible lifting of sanctions, between Germany, France, Ukraine and Russia have either been cancelled or achieved little progress on any of the points in the Minsk Agreement Further sanctions imposed at the end of July 2015 targeting more companies/individuals in both the Energy Sector and the Financial Sector. Ongoing. In February 2015 Exxonmobil announced that the cost of sanctions had exceeded $1 billion ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 17 Directive 4 Directive 4 prohibits “the provision, exportation, or reexportation, directly or indirectly, of goods, services (except for financial services), or technology in support of exploration or production for deepwater, Arctic offshore, or shale projects¹ that have the potential to produce oil in the Russian Federation, or in the maritime area claimed by the Russian Federation and extending from its territory, and that involve any person determined to be subject to this Directive, its property, or its interests in property.” To the extent US persons are involved in existing transactions or arrangements that would violate Directive 4, US persons must wind down operations, contracts or other agreements that were in effect prior to September 12, 2014 with the sanctioned energy companies no later than September 26, 2014². ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 18 Doing Business in Russian Federation Russia is not just a country of contrasts; it is a country of outright contradictions A country where free-reign market capitalism in some sectors meets absolute state interference in others A country where foreign direct investment is actively sought in some areas; whilst made virtually impossible in others A country where half the population yearn for a more open, democratic society; whilst the other half admires the autocratic approach of the current regime Russia remains a transitional economy moving from its Soviet past to an unknown and uncertain future ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation EPC Framework Most countries in the world organize the oil and gas construction process according to the EPC (Engineering, Procurement and Construction) model. This approach means that a customer chooses a single general contractor who takes responsibility for the following types of works: design, engineering, procurement. The EPC contractor searches for subcontractors who perform construction works. Many major engineering companies (some represented at this conference), including US/Canadian companies Bechtel, CB&I, Fluor Corporation and SNC Lavalin Kentz; European/Middle East companies ABB, Aker Solutions, AMEC Foster Wheeler, Linde, Petrofac,Technimont and Technip; Australian company Worley Parsons; and others, use this model. ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 20 EPC Framework in Russian Federation Until recently, Russia had no EPC-services market, and the companies worked according to the traditional investment methods and project realization schedules. Today, this problem is very urgent. The establishment of Russian EPC contractors is now one of the key issues on the agenda in the oil and gas sector. The most reasonable and expedient way appears to create such EPC companies in cooperation with the traditional Russian Design Institutes (RDI’s). To give the whole project to a foreign EPC contractor is no longer reasonable (or real), as the Russian customers and foreign contractors still speak different languages (literally and figuratively). The known tries have all failed. Russian Content. ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 21 LLC Sakhalin Neftegas Technology Case Study ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 22 LLC Sakhalin Neftegas Services Case Study ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 23 Sakhalin Industrial Training Institute ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 24 LLC Arctic Neftegas Stroi Case Study ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 25 Prirazlomnoye Platform, ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 26 EPC Framework in Russian Federation The people working in this market should use the foreign experience, speak foreign languages, and also understand the Russian regulatory base, the Russian bureaucratic processes, the role of Glavgosexpertiza, and other peculiarities of the Russian environment. Naturally, a Russian EPC contractor is going to want to build the project on the basis of the familiar domestic equipment and materials. This means that the establishment of Russian EPC contractors is ever more important in terms of the ongoing development and sustainability of domestic industrial production. Q2 2016. Sak-II re Lunskoye OPF works. 5 bidders for the EPC. All foreign. No Russian EPC exists to include on the list. ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 27 Determining the Corporate Risk Historically, majority of Service, Construction and Fabrication Contracts awarded on the Sak-I Programme have been on a Reimburseable or Unit Rate basis. Sak-II Programme LS. Element of Lump Sum limited to Mobilisation and Demobilisation only Current trend for all Fabrication Work is unit rate converted to lump sum on completion of FEED/definition of quantities Majority of Contractors are hybrid organisations comprising of a Russian entity in a Teaming Agreement, Alliance or Joint Venture with a Western entity Legal and Fiscal framework is still developing; Sak-I benefits from a long standing Production Sharing Agreement (PSA) Dispute Resolution has not been trully tested in court ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Conclusion What a difference a couple of years makes Two years ago, when I spoke at a similar conference in Houston, I was looking forward to a very exciting and challenging year having been tasked with establishing a new business in the Russian Far North to support the Kara Sea Programme Last year, in Amsterdam, I was openly optimistic that the end to the “perfect storm” cocktail of a weak oil price, sanctions and a ruble in free fall was in sight Here and now, it is clear that little has changed, indeed there is evidence to show that the downturn and the impact of sanctions will have far longer and far reaching impact on our businesses for the immediate future. ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 29 Petroliam Nasional Berhad (PETRONAS) Refinery and Petrochemical Integrated Development Project (RAPID) Global EPC Contract& Risk Management Corporate Parity Marriott Hotel, West India Quay, London, UK 6 – 7 October, 2016 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Project Location Pengerang Integrated Complex (PIC), constituted of RAPID together with 6 other main associated facilities, will be built in Pengerang, Johor. RAPID area totals to 6,242 acres. 31 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation 32 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation PIC Project Timeline SD1(REFINERY) Start Finish CONSTRUCTION 1‐Jul‐15 4‐Jun‐18 31‐Jan‐18 30‐Nov‐18 COMMISSIONING SD2 (Steam Cracker Complex) CONSTRUCTION 1‐Jul‐15 22‐Aug‐18 COMMISSIONING 29‐Apr‐18 30‐Nov‐18 SD3 (Petchem) CONSTRUCTION 25‐Feb‐16 10‐Aug‐18 COMMISSIONING 25‐May‐18 30‐Nov‐18 SD4 (AssociatedUtility) CONSTRUCTION 3‐Feb‐15 17‐Jul‐18 COMMISSIONING 30‐Oct‐17 28‐Aug‐18 SD5 (Common Service Facilities) CONSTRUCTION 11‐Nov‐14 30‐Oct‐18 COMMISSIONING 2‐Oct‐16 31‐Jan‐19 SD6 (Construction Infrastructure And Offsite) CONSTRUCTION 31‐Mar‐14 27‐Feb‐16 2014 2015 33 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation 2016 2017 2018 2019 RAPID REGULATORIES APPROVAL AND PERMIT PLAN Construction Commencement Job Start •EIA Approval • Mfg. License By Owner Construction Commencement Approval Presentation for Major Authority • MDKT • DOSH, • BOMBA • DOE etc Application for Construction Commencement MDKT One Stop Center coordinate Local Authorities Technical Meeting. M/C Design Approval MDKT DOSH BOMBA DOE JPS Others Inspection DOSH BOMBA Operation Commencement CCC Forms G1-G21 + Clearance from : TNB SAJ BOMBA DOSH Indah Water JPS JKR Others Certificate of Completion & Completeness [issued by PSP (Architect or PE) who submittedplans] By EPCC 34 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation PIC – Salient Features Components of PIC Project The estimated RM 89 billion investments by PETRONAS will realize a world scale integrated refining and petrochemical productions. Basically, PIC comprises of three (3) main components: a) Refinery This facility will include a 300,000 barrel‐per‐day refinery that produces naphtha, gasoline, jet fuel, diesel and fuel oil. Crude feedstock would come mostly from PETRONAS’ equity projects in Middle East and Africa. The crude feedstock from PETRONAS equity projects will also be the feedstock to the petrochemicals and polymer complex, including a 3 million tonne‐per‐year (tpy) naphtha cracker and petrochemical derivatives facilities focusing on synthetic rubber to meet the increasing demand and declining supply capacity of natural rubber. b) Petrochemical Complex The integrated complex comprises C2, C3, C4, C5 and C6 derivatives units and shall be designed to produce mainly butadiene, raffinate 1, high alpha olefin LLDPE (linear low density polyethylene), high purity isobutylene (HPIB), isoprene, dicyclopentadiene (DCPD) and piperylene; c) Associated Facilities The facilities encompass the following: Pengerang Cogen Plant (PCP) with a designed total power and steam generation system capacity of approximately 2,000 MW in electricity and 2,131 t/h of steam; LNG Regasification facilities (RGT2‐ Terminal) receives and stores LNG from LNG carriers, vaporizes the LNG and delivers natural gas to components in the RAPID complex, PCP and excess gas to the main PGU system; Integrated Facilities & Services to cater and support for the operational needs of RAPID Complex; PAMER, the raw water supply for PIC and public; Air Separation Unit (ASU) for supply of nitrogen and instrument air for RAPID and Deep water terminal for logistical support for raw material and products export. 4 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Rev 3 Petroliam Nasional Berhad (PETRONAS) Sub Directorate – 1 Refinery and Petrochemicals Integrated Development (RAPID) Project • • • • • 22 4 -RFCC, LTU, PRU -CDU, ARDS & HCDU -KHT, DHT, NHT, CNHT, CCR, HPU & SGP -ARU, SRU & SWS -Tank Farm 5 3 Sub Directorate - 2 2 • 1 Package 5 -Steam Cracker Complex Sub Directorate - 3 Hibi scu s 26 12 A 11 20 C 20 B Directorate 20 A Based initially in KL, then at Site 18 19/21 G 9 8 7 6 A 12 B 6 B PAME R PDT 2 17 ASU RGT 2 PTL PGP P XXX Package 1 Package 2 Package 3 Package 4 Package 22 PCP Interface role only 13 14 16 A 16 B Managed by iPMT ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation • • • • Package 6A Package 6B Package 7 Package 8 BPA -LLDPE -LDPE -PP -CPU, PPU & • • • • • Package 9 Package 11 Package 26 Package 12A Hibiscus Sub Directorate - 4 • • • • • Package 13 Package 14 Package 16A Package 16B Package 17 -Power Distribution -UIO -Effluent Treatment Plant -Raw Water Treatment -Waste Management Center Sub Durectorate – 6 • Package 12B • Package 18 • Package 19/21G • Package 20A • Package 20B • Package 20C -Solid Handling/Jetty -Site Preparation -Non Process Buildings -Temporary Camp Facilities -Material Offloading Facilities -Roads PIC Facilities • • • • • • • RGT2 ASU PCP PAMER PDT2 PGPP PTL -Regas Terminal -Air Separation Unit -Cogeneration Plant -Raw Water Supply -Deep Water Terminal -Gas Pipeline -Power Transmission Line -Elastomers -EOU & EGU -PC -PetChem Whse Project Packages Sub Directorate 1 (SD-1) No Packages Product Contractor Developer 1 Package 1 CTCI, Chiyoda, Synerlitz &MIE JV PRPC Refinery and Cracker Sdn Bhd 2 Package 2 Residue Fluid Catalytic Cracking (RFCC) LPG Treating Unit (LTU) Propylene Recovery Unit (PRU) Caustic Neutralisation Unit (CNU) Crude Distillation Unit(CDU) Atmospheric Residue Desulfurization Unit (ARDS) Hydrogen Collection & Distribution Unit (HCDU) Sinopec PRPC Refinery and Cracker Sdn Bhd 3 Package 3 Technicas Reunidas SA & Technica Reunidas Malaysia PRPC Refinery and Cracker Sdn Bhd 4 Package 4 Petrofac Internation al PRPC Refinery and Cracker Sdn Bhd 5 Package 22 Kerosene Hydrotreating Unit (KHT) Diesel Hydrotreating Unit (DHT) Naphtha Hydrotreating Unit (NHT) Cracked Naphtha Hydrotreating Unit (CNHT) Continuous Catalytic Reforming Unit (CCR) Hydrogen Production Unit (HPU) Saturated Gas Plant(SGP) Amine Regeneration Unit (ARU) Sulphur Recovery Unit (SRU) Sour Water Stripping Unit(SWS) Tank Farm Punj Lloyd Ltd PRPC Refinery and Cracker Sdn Bhd 37 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Project Packages Sub Directorate 2 (SD-2) No Packages Product Contractor Ownership 1 Package 5 Stream Cracker Complex(SCC) Toyo Engineering Corp & Toyo Engineering and Construction PRPC Refinery and Craker Sdn Bhd Sub Directorate 3 (SD-3) No Packages Product Contractor 1 Package 6 2 Package 7 Linear Low Density Polyehtylene Unit (LLDPE) Low Density Polyehtylene Unit (LDPE) Polypropylene Plan (PP) 3 Package 8 4 Package 9 5 Package 11 6 Package 26 Ownership Samsung PETRONAS JV Technimont PETRONAS JV Cumene Production Unit (CPU) Phenol Production Unit (PPU) Bis‐Phenol A Unit (BPA) Elastomers Cancelled PETRONAS JV Cancelled PETRONAS /Versalis S.p.a Ethylene Oxide Unit Ethylene Glycol Unit PolyCarbonate Samsung PETRONAS JV Cancelled PETRONAS JV 38 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Project Packages Sub Directorate 4 (SD-4) No Packages Product Contractor Ownership 1 Package 13 Power Distribution Technip‐Fluor JV PRPC 2 Package 14 Utilities, Interconnecting & Offsites Technip‐Fluor JV PRPC Sub Directorate 5 (SD-5) No Packages Product Contractor 1 Package 12 Solid Handling Common Facilities PRPC 2 Package 16A Effluent Treatment Unit PRPC 3 Package 16B Raw Water Treatment 4 Package 17 Incinerator 5 Packag e 19/21G Non Process Building Aqidea Architects PETRONAS 6 Regasification Terminal SAMSUNG C&T, WHESSOE ENGR& SCIENCE‐TEC H SOLUTIONS Petronas Gas Berhad 7 Air Separation Unit Linde Petronas Gas Berhad 8 Pengerang Cogen Plant MMC Pengerang Power Plant (PETRONAS) 9 Project Air Mentah (PAMER) 10 Pengerang Deep Water Terminal /SPV2 11 Associated Utilities & Facilities Loh & Loh‐ WET JV Developer PRPC Water Sdn Bhd PETRONAS PRPC Water Sdn Bhd Dialog Petronas Gas ‐Dialog 39 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Project Packages Sub Directorate 6 (SD-6) No Packages Product Contractor 1 Package 18A,B,C &D Site Prep 2 Package 20A,B1,B2 Construction Infrastructure 3 Package 20C & D Construction Infrastructure Menta Construction Gadang Engineering Zelan Construction UEM Builders Bumi Dagang, Syarikat Ismail Ibrahim, WCT 4 Package 21 C,D,E,F Construction Infrastructure Support 40 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation Ownership RAPID – Logistics Challenge ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation HO20120197101.ppt 41 PIC – Overall Configuration 42 ** COMPANY CONFIDENTIAL ** © 2012 Fluor Corporation
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