4. Fluor Corporation (NYSE: FLR) is based in Irving, Texas with some 36,000 employees and it provides engineering, procurement, construction, maintenance, and project management services to the oil & gas industries, industrial and infrastructure segments, and the government.  The company has a market value of $12.5 billion and it is expected to have revenues of more than $23.7 billion in 2011.

5. Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is based in Oak Brook, Illinois and may be smaller than most infrastructure players, but the company is rather important and has real growth opportunities ahead.  GLD&D is into marine construction with dredging and commercial and industrial demolition operations.  It supports the construction of breakwaters, jetties, canals, and other marine structures and it then gets ongoing maintenance of these projects.  The market value of GLD&D is only $500 million today and revenues are expected to grow to about $725 million in 2011.

6. Jacobs Engineering Group Inc. (NYSE: JEC) is based in Pasadena, California and provides professional, technical, and construction services for government, NASA, oil and gas, building projects, infrastructure and more.  The company has nearly 40,000 workers and much of its effort is international.  The market value of Jacobs is $6.6 billion and it is expected to have revenues of roughly $10.3 billion in 2011.

7. KBR, Inc. (NYSE: KBR) out of Houston is often thought of by the public as a war-support and disaster-support company, but the company’s Government and Infrastructure business provides a variety of services to civilian authorities and private clients outside of the military. The company also has the ability to mobilize workers for disaster assistance perhaps in a faster manner than any other.  The company has over 40,000 employees and has the ability to mobilize far more workers under its network of companies which subcontract and offer support.  A fair value in terms of the stock’s market capitalization today is roughly $5 billion and its expected revenues for 2011 are nearly $10 billion.

8. McDermott and Babcock & Wilcox; a two-in-one…. McDermott International Inc. (NYSE: MDR) has recently gone through a separation of  The Babcock & Wilcox Company (NYSE: BWC).  McDermott is a Houston-based engineering and construction company with operations around the globe.  Its workforce of more than 16,000 mainly serves offshore oil and gas construction, and installs marine pipelines and subsea production systems.  Babcock & Wilcox  is based in Charlotte, North Carolina with some 13,000 employees and it designs, engineers, and offers other services to power generation and environmental control systems for large utility and industrial customers.  It also manufactures and supplies nuclear components and fuels for government and commercial uses, and supplies services for building and maintaining power facilities.

9. The Shaw Group Inc. (NYSE: SHAW) is based in Baton Rouge, Louisiana and is generally thought of in oil & gas and utilities.  The company has roughly 27,000 employees around the world and it also serves the environmental, infrastructure and emergency response industries.  The market value for Shaw is roughly $3.2 billion and its 2011 revenues are expected to be close to $6.6 billion.  One key aspect of Shaw’s business is environmental disasters, so any rebuilding projects in the Gulf Coast from Hurricanes or floods are added wins for the company.  Another aspect is building power plants of any kind, where it is effectively a fully integrated provider of the process from start to finish.

10. Tetra Tech, Inc. (NASDAQ: TTEK) is based in Pasadena, California and is considered one of the greats when it comes to consulting, engineering, construction, technical services, and project management in water infrastructure and resource management.  It has about 12,000 employees and operates in water resources, groundwater services, and watershed management.  It is also into remediation and environmental planning, disaster management, and sustainability projects around climate change and carbon management.  The biggest boost is also the biggest potential snag: it relies heavily upon contracts from federal, state, and local government agencies.  The company has a market value of $1.5 billion and it is expected to have revenues in 2011 of roughly $1.7 billion.

As you can see, the engineering and construction services are many and often overlap.  It is not uncommon for more than one of these to work on a project simultaneously even if these companies do all bid against each other for business.  This is a solid list of companies which will win in the rebuilding of America’s infrastructure.

JON C. OGG