Bechtel’s 2020 revenue falls 19% : Global engineering and construction firm Bechtel reported $17.6 billion in 2020 total revenue, a 19% drop from $21.8 billion the year before, in its 2020 annual report released last week.
The Reston, Virginia-based private company, the country’s largest contractor by revenue, also lost ground on its new work and backlog. New work fell to $7.1 billion, a decline of 26% from $9.6 billion in 2019. Backlog dipped slightly to $36.7 billion from $38.3 billion in 2019.
In a video accompanying the annual report, CEO Brendan Bechtel said the COVID-19 pandemic “resulted in the toughest challenge in our company’s history.” Nevertheless, COO Craig Albert noted that the company’s balance sheet is strong and that it has no debt.
The report also highlighted the company’s renewed “sense of urgency” regarding its diversity and inclusion strategy and said that it is working to recruit and retain minority employees, including in management roles, and is hosting diversity and inclusion workshops for its leaders around the world. In 2021, the report says, the firm will further refine its talent acquisition process to eliminate bias in decision-making and will create a Diversity Advisory Board.
“Last year was a terrible reminder that racism and inequality are still a daily reality for millions of people. We have a responsibility at Bechtel to be a force for change.”
The 123-year-old firm works in the infrastructure, nuclear, energy, mining and metals markets. Some of its notable projects last year included:
- Cheniere Energy’s Corpus Christi LNG export terminal (shown above).
- The Department of Energy’s Analytical Laboratory at the Hanford Tank Waste Treatment and Immobilization Plant.
- Santa Clara Valley Transit Authority’s Silicon Valley Extension of the Bay Area Rapid Transit System in California.
New awards in 2020 included:
- Working with CityFibre to upgrade high-speed internet connectivity for up to 8 million homes and business in the U.K. by 2025.
- A contract with the government of Serbia to deliver a 5G-ready motorway in the West Morava river valley that will connect communities, provide enhanced transportation options, improve key flood defense infrastructure and allow for future 5G fiber and tower installations.
- The Black Rock Wind Farm in West Virginia.
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