The global engineering, procurement, and construction (EPC) sector is presently navigating a period of profound macroeconomic and structural transition, driven by reshoring initiatives, the global energy transition, and an infrastructural supercycle. Fluor Corporation (FLR), a premier American EPC firm with over a century of operational history, occupies a pivotal position within this dynamic landscape.3 Having recently emerged from a multi-year strategic restructuring—characterized by the deliberate transition from a stabilization phase to a formalized mandate of growth and disciplined execution—the enterprise has fundamentally altered its risk profile. By systematically abandoning high-risk, fixed-price lump-sum turnkey (LSTK) contracts in favor of reimbursable and hybrid cost-plus models, Fluor has insulated its balance sheet against the sever ...