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Paving the Road to Recovery As Global Construction Rebounds, Contractors Eye Infrastructure Spending As a Chance to Grow Revenue

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Paving the Road to Recovery As Global Construction Rebounds, Contractors Eye Infrastructure Spending As a Chance to Grow Revenue Overview p. 48 // International Market Analysis p. 48 // International Region Analysis p. 49 // 2020 Revenue Breakdown p. 49 2020 New Contracts p. 49 // Domestic Staff Hiring p. 49 // International Staff Hiring p. 49 // Top 10 by Region p. 50 Top 10 by Market p. 51 // Top 20 Non-U.S. International Construction/Program Managers p. 52 // Top 20 Non-U.S. Global Construction/Program Managers p. 52 // Profit-Lossp. 53 // Total Backlog p. 53 // Past Decade’s International Contractor Revenue p. 53 // How Contractors Shared the 2020 Market p. 54 // How To Read the Tables p. 55 // Hochtief's Highway Expansion p. 55 // Top 250 International Contractors List p. 57 // International Contractors Index p. 62 // Top 250 Global Contractors List p. 63 // Global Contractors Index p. 68 NUMBER 170 NUMBER TUNNEL VISION ICM SpA is contractor for the A26 Linzer Autobahn project in Austria, which includes construction of junction tunnels and a cable-stayed bridge. PHOTO COURTESY OF ICM SPA PHOTO COURTESY International Contractors Paving the Road to Recovery As global construction rebounds, contractors eye infrastructure spending as a chance to grow revenue. By Emell Adolphus, Peter Reina and Jonathan Keller enr.com August 16/23, 2021 ENR 47 0823_Top250_Intro.indd 47 8/17/21 6:34 PM nternational contractors on the long road to rebounding from the COVID-19 pandemic might find a shortcut to recovery in infrastructure projects, as countries ramp up spending to help build economies back to normal. While the global construction market is red hot for some firms, it is Istone cold for others as contractors deal with unpredictable project risks while readying for new growth opportunities. To say that the pandemic has “disrupted life and com- Not much has changed for firms ranked in the merce globally is stating the obvious,” says S. N. Sub- Top 25 positions—save for the return of Fluor, which rahmanyan, managing director and CEO of Larsen & had no survey filed last year; Saipem SpA, which had Toubro Ltd. But revenue numbers and insights from not filed since 2017; andExyte GmbH, which enters this year’s Top 250 International Contractors add a new the rankings for the first time at No. 22. The top perspective to the global conversation on how to drive seven ranked companies are in the exact same posi- economic recovery. tions they held last year. But even the highest ranking Total international contracting revenue for the international firms could not escape undergoing ma- Top 250 dropped 11.1% to $420.4 billion in 2020, jor internal changes to cope with COVID-19 disrup- from $473.1 billion in 2019. This decrease also marks tions and keep projects and profits moving. the largest single-year drop recorded in ENR inter- In No. 24-ranked Bechtel’s 31.1% national contracting data going back to 2003. case, the company has turned the Transportation $130,538.9 23.8% Buildings $100,178.2 Int’l Market Analysis 13.7% Petroleum $57,650.2 (2020 revenue measured in millions) 11.2% Power $47,139.9 6.7% 4.0% Other $28,022.1 Industrial 1.6% $16,808.6 Sewer/Waste 0.1% 3.1% $6,871.4 2.6% Hazardous Water Manufacturing Waste 2.0% $ $11,056.0 13,065.6 $461.4 Telecom $8,558.3 SOURCE: ENR 48 ENR August 16/23, 2021 enr.com 0823_Top250_Overview.indd 48 8/17/21 6:43 PM BECHTEL is delivering the 210-MW Skavica dam and hydropower plant in #24 Albania. The project aims to reduce the OVERVIEWOVERVIEW country’s electricity imports by 55%. Int’l Region Analysis 25.2% Europe $105,979.3 Revenue (in $ billions) 21.5% Asia $1,825.9 Domestic Revenue (2020 revenue measured in millions) $90,505.3 $ 16.2% 1,405.5 International Revenue United States Total Revenue $68,116.5 $420.4 4.7% 13.2% Latin SOURCE: ENR 3.2% Middle America East Canada $19,589.7 $55,521.2 $13,486.2 0.5% 11.5% New Contracts (in $ billions) Caribbean Africa Islands 4.0% $48,267.2 $2,927.5 $2,052.4 Australia $2,407.1 Domestic New Contracts 0.0% $16,800.4 Int’l New Contracts Arctic/ Antarctic Total New Contracts $32.6 $520.4 SOURCE: ENR Asia and Australia reported together in previous years. pandemic’s impact into international innovation. Be- tures to make them more resistant to pandemics. cause of COVID-19, “we have probably taken a five- 229 At Larsen & Toubro, “The crisis has taught us the year leap ahead,” reports Shaun Kenny, president of of the Top 250 importance of agility, interdependence and trust,” its global infrastructure business. The company now sent in surveys explains Subrahmanyan. Over more than two de- also uses technology “much better,” he says. “The last year cades, the company has built a robust presence in pandemic has accelerated the adoption of remote countries belonging to the Gulf Cooperation Coun- working not just in offices but also for inspections of cil. With COVID-19 limiting in-person travel, the workshops and sites.” 36.7% company leaned on digital technologies to reach Eighteen months into the COVID-19 outbreak, increased across borders and solve challenges. many international contracting firms are now finding international “Construction jobs and contracts are always risky, their footing by taking steps to make their operations revenue in 2020 and the profit rewards do not always reflect that,” says more flexible. Contractors report consolidating staff Subrahmanyan. “Although we are an India-centric abroad, utilizing more digital technologies to manage company, we are now executing projects across almost projects and diversifying logistic partners to help ensure 52.8% all infrastructure domains.” availability of materials. And while emergency actions increased In addition to a cultural shift in technology usage, to move managing projects online have proved success- domestic Ant Yapi, which currently operates in four countries, ful, for many firms “it’s still unproven that we can build revenue in 2020 also reports a shift in business models for its sector. new teams,” in new markets digitally, says Kenny. “The COVID-19 pandemic has impacted the whole world, and every single aspect of our lives, from Mitigating Pandemic Risk the way we do business to our personal relationships,” Under rapidly changing market conditions and client says Mehmet Okay, a member of Ant Yapi’s executive priorities, Top 250 contractors say they are shoring up board. “During this time, which we call the new nor- global operations to better manage risks, reap the re- mal, we believe differentiation stands out, and this is wards of new projects and rethink organizational struc- our biggest advantage,” he says. “There will always INCREASE (Measured in Professional 72 Professional 58 firms reporting) Domestic 57 DECREASE International 68 SOURCE: ENR Staff Hiring 42 Staff Hiring 37 STAYED THE SAME enr.com August 16/23, 2021 ENR 49 0823_Top250_Overview.indd 49 8/17/21 6:44 PM THE TOP 250 INTERNATIONAL CONTRACTORS The Top 10 Firms by Regional Revenue 1 EUROPE 2 ASIA 3 UNITED STATES Region’s Revenue: $106.0 Billion Region’s Revenue: $90.5 Billion Region’s Revenue: $68.1Billion RANK RANK RANK 2021 2020 Top 10 Revenue: $66.4 Billion 2021 2020 Top 10 Revenue: $45.9 Billion 2021 2020 Top 10 Revenue: $56.9 Billion 1 2 STRABAG SE 1 ** CHINA COMMUNICATIONS CONSTRUCTION GROUP LTD. 1 1 ACS ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS SA 2 1 VINCI 2 ** HOCHTIEF AG 2 2 HOCHTIEF AG 3 3 BOUYGUES 3 ** POWER CONSTRUCTION CORP. OF CHINA 3 3 SKANSKA AB 4 4 FERROVIAL 4 ** CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. 4 6 FERROVIAL 5 5 SKANSKA AB 5 ** CHINA RAILWAY GROUP LTD. 5 ** WOOD 6 8 EIFFAGE 6 ** HYUNDAI ENGINEERING & CONSTRUCTION CO. LTD. 6 7 VINCI 7 6 ROYAL BAM GROUP NV 7 ** BOUYGUES 7 5 OBAYASHI CORP. 8 10 PORR AG 8 ** SAMSUNG C&T CORP. 8 4 LENDLEASE 9 9 RENAISSANCE CONSTRUCTION 9 ** ACS ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS SA 9 9 BOUYGUES 10 ** ACS ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS SA 10 ** CHINA ZHONGYUAN ENGINEERING CORP. 10 10 KAJIMA CORP. 4 MIDDLE EAST 5 AFRICA 6 LATIN AMERICA/CARIBBEAN Region’s Revenue: $55.5 Billion Region’s Revenue: $48.3 Billion Region’s Revenue: $21.6 Billion RANK RANK RANK 2021 2020 Top 10 Revenue: $21.2 Billion 2021 2020 Top 10 Revenue: $24.1 Billion 2021 2020 Top 10 Revenue: $13.4 Billion 1 1 TECNICAS REUNIDAS SA 1 1 CHINA COMMUNICATIONS CONSTRUCTION GROUP LTD. 1 1 ACS ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS SA 2 6 POWER CONSTRUCTION CORP. OF CHINA 2 2 POWER CONSTRUCTION CORP. OF CHINA 2 3 SACYR 3 4 LARSEN & TOUBRO LTD. 3 3 CHINA RAILWAY GROUP LTD. 3 2 CHINA COMMUNICATIONS CONSTRUCTION GROUP LTD. 4 ** SAIPEM SPA 4 4 CHINA RAILWAY CONSTRUCTION CORP. LTD. 4 ** FLUOR 5 7 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. 5 ** SAIPEM SPA 5 8 BECHTEL 6 ** CHINA RAILWAY CONSTRUCTION CORP. LTD. 6 6 ORASCOM CONSTRUCTION PLC 6 4 VINCI 7 ** SAMSUNG ENGINEERING CO. LTD. 7 5 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. 7 6 CHINA RAILWAY CONSTRUCTION CORP. LTD. 8 8 CHINA ENERGY ENGINEERING CORP. LTD. 8 7 VINCI 8 ** OHLA 9 ** SHANGHAI ELECTRIC GROUP CO. LTD. 9 10 BOUYGUES 9 ** STRABAG SE 10 5 HYUNDAI ENGINEERING & CONSTRUCTION CO. LTD. 10 ** CHINA JIANGXI INT'L ECON. AND TECH. COOPERATION CO. LTD. 10 ** ALBERICI-FLINTCO 7 AUSTRALIA 8 CANADA Region’s Revenue: $16.8 Billion Region’s Revenue: $13.5 Billion amplified these factors to unpredictable RANK RANK 2021 2020 Top 10 Revenue: $15.4 Billion 2021 2020 Top 10 Revenue: $10.9 Billion levels for many contractors.
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