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Fluor Corporation (NYSE: FLR) has received final notice-to-proceed from the Texas Department of Transportation for Phase 2 of the Interstate 35E project. This contract, valued at approximately $640 million, positions Lone Star Constructors, a Fluor-led joint venture, to begin construction in summer 2022. The project aims to improve traffic mobility in the Dallas metroplex and is expected to be completed by early 2026. Fluor had previously booked its share of the contract value in Q3 2021, contributing to its reported revenue of $12.4 billion in 2021.
Positive
Final notice-to-proceed received for the $640 million I-35E project.
Construction is set to begin in summer 2022, improving mobility in the Dallas area.
Contract value has been booked in Q3 2021, supporting revenue growth.
Negative
None.
IRVING, Texas--(BUSINESS WIRE)--
Fluor Corporation (NYSE: FLR) announced today that Lone Star Constructors, its joint venture with Austin Bridge & Road, has been granted final notice-to-proceed by the Texas Department of Transportation (TxDOT) that releases the full contract value and positions the venture for construction to begin on Phase 2 in summer of 2022 for the Interstate 35E (I-35E) project from Interstate 635 in Dallas to the Denton County line in Carrollton, Texas. The Fluor-led team was initially awarded the contract for this project in July 2021. Fluor booked its share of the approximately $640 million contract value in the third quarter of 2021.
“This project is part of TxDOT’s long-term plan to meet current and future travel demands by improving overall mobility, operational efficiency, accessibility, safety and emergency response,” said Thomas Nilsson, president of Fluor’s Infrastructure business. “When completed, this project will help alleviate traffic congestion to the surrounding communities and improve connectivity for all people in the Dallas metroplex.”
The 6.3-mile design-build project includes full reconstruction and expansion of six existing lanes to eight with new auxiliary lanes at entrance and exit ramps, along with the reconstruction of frontage roads along the corridor. Two existing reversible toll lanes will also be reconstructed.
The project’s anticipated completion is early 2026.
About Fluor Corporation Fluor Corporation (NYSE: FLR) is building a better future by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 41,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $12.4 billion in 2021 and is ranked 196 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.
The I-35E project is a construction initiative aimed at expanding and reconstructing the interstate to improve traffic flow and accessibility in the Dallas metroplex.
When will construction of the I-35E project begin?
Construction for Phase 2 of the I-35E project is set to begin in summer 2022.
What is the contract value for the I-35E project?
The contract value for the I-35E project is approximately $640 million.
What is the anticipated completion date for the I-35E project?
The anticipated completion date for the project is early 2026.
