Fluor Selected for Interstate 35 Capital Express South Project in Austin, Texas

Rhea-AI Summary

Fluor Corporation (NYSE: FLR) has secured a $548 million construction contract for the Interstate 35 Capital Express South project in Austin, Texas, awarded by the Texas Department of Transportation. Scheduled for booking in Q2 2022, the 9-mile project aims to improve infrastructure by adding two high-occupancy vehicle lanes and enhancing safety and mobility. The project will begin construction in late 2022 with completion expected in late 2027. Fluor emphasizes its strong relationships with Texas officials and its ongoing commitment to the region's infrastructure development.

Positive

• Awarded a construction contract worth $548 million.
• Project addresses infrastructure needs in a rapidly growing area.
• Continues Fluor's focus on Texas-centric infrastructure projects.
• Construction expected to begin in late 2022, indicating sustained business activity.

Negative

• None.

IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced today that it was awarded a construction contract for the Interstate 35 (I-35) Capital Express South project in Austin, Texas, by the Texas Department of Transportation (TxDOT). Fluor will book the nearly $548 million contract value in the second quarter of 2022.

Fluor Selected for TxDOT Interstate 35 Capital Express South Project in Austin, Texas (photo credit: TxDOT)

“This new award is a continuation of Fluor’s Texas-centric infrastructure focus and reinforces the strength of our relationships with state and local officials across the state,” said Thomas Nilsson, president of Fluor’s Infrastructure business. “This is the first in a series of vital infrastructure projects to rebuild the I-35 corridor in Austin in response to business and population expansion in one of the country’s most dynamic regions.”

The approximately 9-mile project will add two non-tolled high-occupancy vehicle managed lanes in each direction along I-35 from U.S. 290 West/State Highway 71/Ben White Boulevard to State Highway 45 Southeast. Fluor’s scope includes a combination of at-grade and elevated lanes in the median, reconstruction of bridges and frontage roads, the addition of a shared-use pedestrian and bicycle path, and enhanced safety and mobility improvements.

I-35 through Austin is one of the most traveled interstates in Texas and serves as the backbone of the local, regional and national transportation network. This portion of the interstate serves more than 150,000 vehicles per day.

Construction is scheduled to begin in late 2022 with substantial completion anticipated in late 2027.

Fluor has been designing and building infrastructure projects in Texas for nearly 20 years and is currently executing the I-635 LBJ East, Southern Gateway and I-35E projects in Dallas; the Oak Hill Parkway project in Austin; and performing capital maintenance for the Horseshoe project in Dallas.

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 259 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220608006034/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 recent contract for the I-35 project?

The contract is valued at $548 million.

When is construction expected to start for the I-35 Capital Express South project?

Construction is scheduled to begin in late 2022.

What are the anticipated completion dates for the I-35 project?

Substantial completion is expected in late 2027.

Which department awarded Fluor the I-35 construction contract?

The Texas Department of Transportation (TxDOT) awarded the contract.

How many lanes will be added to I-35 as part of the project?

The project will add two non-tolled high-occupancy vehicle managed lanes in each direction.