Fluor Receives $1.16 Billion Contract Extension for Navy Nuclear Propulsion Work

Rhea-AI Summary

Fluor Corporation (NYSE: FLR) has announced a contract extension with the Department of the Navy valued at $1.16 billion. This extension covers Naval Nuclear Propulsion work through fiscal year 2022 and is part of a larger joint program, Naval Reactors, overseen by the Department of Energy. The original Navy contract, awarded in July 2018, has a potential total value of $30 billion over ten years if all options are exercised.

Positive

• Contract extension valued at $1.16 billion ensures continued revenue from the Navy.
• Original Navy contract could yield potential revenue of $30 billion over 10 years.

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• None.

IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced today that its Department of the Navy contract with Fluor Marine Propulsion, LLC, a wholly-owned subsidiary of Fluor, was extended through fiscal year 2022. The contract is part of a joint program, Naval Reactors, that is overseen by the Department of Energy’s National Nuclear Security Administration and the Department of the Navy. The contract includes Naval Nuclear Propulsion work at the Navy Nuclear Laboratory (NNL) sites in New York, Pennsylvania and Idaho. The one-year, cost-plus-fixed-fee option is valued at $1.16 billion.

Fluor Receives $1.16 Billion Contract Extension for Navy Nuclear Propulsion work.

Fluor won the initial base Navy contract in a joint Department of Energy and Department of Navy competition in July 2018. The two contracts have an original potential value of $30 billion over 10 years if all options are exercised.

For more than 70 years, NNL has developed advanced naval nuclear propulsion technology, provided technical support, and trained world-class nuclear operators to ensure the safe and reliable operation of our nation’s submarine and aircraft carrier Fleets. The NNL is solely dedicated to the Naval Nuclear Propulsion Program and is comprised of nearly 8,000 engineers, scientists, technicians and support personnel.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $14.2 billion in 2020 and is ranked 196 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has been providing 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211101005638/en/

Brian Mershon

Media Relations

469.398.7621



Jason Landkamer

Investor Relations

469.398.7222

Source: Fluor Corporation

FAQ

What is the value of Fluor's new contract extension with the Navy?

The new contract extension with the Navy is valued at $1.16 billion.

When does Fluor's contract with the Navy extend to?

Fluor's contract with the Navy is extended through fiscal year 2022.

What is the potential total value of Fluor's original Navy contract?

The original Navy contract has a potential total value of $30 billion over 10 years if all options are exercised.

What program does the Navy contract extension with Fluor support?

The contract extension supports Naval Nuclear Propulsion work as part of the Naval Reactors program.