Stork UK Secures Three-Year Contract with Sellafield Ltd

Rhea-AI Summary

Fluor's subsidiary, Stork UK, has secured a three-year contract with Sellafield Ltd for its nuclear site in the UK.

Positive

• The contract value will be recognized in Fluor's Q3 2023 financials.
• Stork UK will provide independent third-party inspection and quality assurance solutions for Sellafield Ltd.
• The contract includes two one-year follow-on options.
• The services provided by Stork UK ensure compliance with quality standards for products and services.
• The contract is a result of a collaborative partnership between Stork UK and Sellafield.

Negative

• Fluor is in the process of divesting its remaining Stork regional businesses in the UK, Latin America, and the Middle East.

IRVING, Texas & ABERDEEN, Scotland--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced today that Stork UK, a Fluor company, has secured a three-year contract with Sellafield Ltd for its nuclear site in the United Kingdom. Fluor will recognize the contract value in the third quarter of 2023.

Representatives from Sellafield Inspection & Certification Group and Stork UK Quality Services gathered at Carlisle Racecourse in England to collaborate and celebrate the newly awarded Inspection and Quality Assurance contract. (Photo: Business Wire)

The three-year contract, which has two one-year follow-on options, will continue to see Stork UK provide independent third-party inspection and quality assurance solutions for Sellafield Ltd. These crucial services ensure compliance with regulatory and legal obligations regarding the quality standards of products and services, on-site and off-site, including local and international supply chains.

“This contract is a great example of a collaborative partnership between Stork UK and Sellafield” said Steve Hunt, Stork’s regional director in the UK. “Our team’s dedication has ensured the contract’s success since 2020. We look forward to building on our relationship over the term of the new agreement.”

The new contract is scheduled to commence in November.

In 2021, Fluor announced its intention to sell Stork to focus on its core businesses and capital priorities. Fluor has concluded the sale of Stork Australia and New Zealand, and recently agreed to sell its European operations in Belgium, Germany and the Netherlands. Fluor continues with divestment efforts of its remaining Stork regional businesses in the United Kingdom, Latin America and the Middle East.

About Stork

Stork, a Fluor company, continually improves the performance of its clients’ assets through a wide range of integrated, innovative and data-driven solutions, from operations and maintenance to turnarounds and modifications. Stork is committed to growing its clients’ business sustainably and successfully by setting new standards of excellence in asset management. Underpinned by its core values — Safety, Integrity, Teamwork, Client Focus and Excellence — Stork aims to be the industry reference, every day, everywhere. For more information, please visit www.stork.com or follow us on Twitter @StorkTS and LinkedIn.

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 40,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $13.7 billion in 2022 and is ranked 303 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.

#Stork

View source version on businesswire.com: https://www.businesswire.com/news/home/20231019887058/en/

Brett Turner

Media Relations

864.281.6976

Jason Landkamer

Investor Relations

469.398.7222

Source: Fluor Corporation

FAQ

What is the contract between Stork UK and Sellafield Ltd for?

The contract is for providing independent third-party inspection and quality assurance solutions for Sellafield Ltd's nuclear site in the UK.

When will the new contract between Stork UK and Sellafield Ltd commence?

The new contract is scheduled to commence in November.

What are the follow-on options included in the contract?

The contract includes two one-year follow-on options.

What is Fluor's plan for its Stork subsidiary?

Fluor intends to divest its remaining Stork regional businesses in the UK, Latin America, and the Middle East.