Fluor Receives Five-Year Contract Extension for Naval Nuclear Propulsion Program
Fluor Corporation (NYSE:FLR) has recently announced an exciting development in its partnership with the U.S. Department of Energy’s National Nuclear Security Administration (NNSA). The contract between Fluor Marine Propulsion, LLC, a special purpose entity owned by Fluor, and the NNSA has been extended for an additional five years, taking the collaboration through to 2028. This contract extension is a testament to the exceptional work carried out by Fluor and its commitment to national security.
Originally awarded in 2018, the contract had a base period of five years, with an option for an additional five years. With this extension, Fluor will recognize all fees earned as equity income, ensuring a mutually beneficial partnership for both parties involved.
The contract primarily supports the Naval Nuclear Propulsion Program, which is a joint effort between the NNSA and the Department of the Navy. Its scope includes the management and operation of the Naval Nuclear Laboratory (NNL), which boasts key facilities in New York, Pennsylvania, and Idaho. The NNL plays a crucial role in developing advanced naval nuclear propulsion technology, providing technical support, and training highly skilled nuclear operators. With nearly 8,000 dedicated professionals comprising engineers, scientists, technicians, and support personnel, the NNL is solely focused on ensuring the safe and reliable operation of the nation’s submarine and aircraft carrier fleets.
Tom D’Agostino, group president of Fluor’s Mission Solutions business segment, expressed pride in the continued confidence placed in Fluor by the U.S. government. He emphasized the importance of maintaining the superiority of the nuclear Navy and enabling it to carry out vital missions worldwide. Fluor is honored to support the Naval Nuclear Laboratory as it continues to deliver excellence in service to the men and women of the Navy who selflessly serve our country.
Fluor Corporation, with its 40,000 employees, is dedicated to building a better world by applying world-class expertise to solve clients’ greatest challenges. The company’s commitment to delivering safe, well-executed, and capital-efficient projects has earned it a reputation for excellence. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement, and construction services for over a century. Its revenue of $13.7 billion in 2022 and its ranking of 303 among the Fortune 500 companies further demonstrate its industry-leading position.
This contract extension with the NNSA not only solidifies Fluor’s role in supporting national security but also highlights its ongoing dedication to delivering exceptional results. The company’s expertise and track record make it a trusted partner in tackling complex challenges and ensuring the continued success of critical programs like the Naval Nuclear Propulsion Program. As Fluor continues to build a better world, its positive impact on society and its clients remains at the forefront of its mission. For more information about Fluor Corporation, please visit their official website or follow them on social media platforms such as Twitter, LinkedIn, Facebook, and YouTube.
In conclusion, Fluor’s contract extension with the NNSA is a significant achievement that reinforces the company’s commitment to national security and excellence in service. With its continued partnership, Fluor will play a vital role in supporting the Naval Nuclear Laboratory and ensuring the safe and reliable operation of the nation’s naval fleets. As Fluor Corporation continues to tackle the world’s greatest challenges, its dedication to delivering exceptional results remains unwavering.