$FLR’s $10.9B in quarterly awards looks impressive, but the real story is shifting contract risk. LNG Canada Phase 2 accounts for $7.5B, roughly 69% of new awards. More importantly, reimbursable contracts now represent 69% of backlog, down from 81% at year-end. Why does that matter? Reimbursable contracts generally protect contractors against eligible cost increases. A lower share could mean greater exposure to labor inflation, delays, and cost overruns, depending on the actual contract terms. Fluor’s experience delivering Phase 1 alongside JGC gives it a competitive edge, but repeat business doesn’t guarantee better margins. What matters next: Contract profitability, operating cash flow, and cost discipline as Phase 2 ramps up. My take: $FLR has strong revenue visibility, but a $7.5B contract isn’t a $7.5B profit opportunity. Backlog drives visibility. Margins and cash conversion drive shareholder value.