Fluor Expands Teaming Arrangement with GE Hitachi in Europe for Potential Nuclear Power Project in Finland

Thursday, November 10, 2011 7:54 am EST



Public Company Information:

"Our companies offer the technology expertise and project management experience required to help TVO achieve its energy and economic priorities."

IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that it has signed a project development memorandum of understanding with GE Hitachi Nuclear Energy (GEH) to pursue a potential new nuclear power plant project in Finland. Fluor would serve as the engineering, procurement and construction (EPC) partner with GEH as the Finnish utility Teollisuuden Voima Oyj (TVO) begins plans for building a fourth reactor called the Olkiluoto-4 project.

This past September, Fluor and GEH teamed on another similar project development agreement for new potential nuclear power plant projects in Poland. TVO is evaluating several different reactor technologies for the Olkiluoto-4 project including GEH’s Generation III+ Economic Simplified Boiling Water Reactor (ESBWR) design. In July 2010, Finland’s parliament confirmed its intent to pursue two reactor projects including TVO’s Olkiluoto-4.

“We look forward to demonstrating that Fluor’s comprehensive EPC expertise together with GEH’s full-scale reactor technology will provide Finland with a cost-effective, safe and secure solution for its future energy needs,” said Chris Tye, Fluor’s senior vice president for its nuclear power business line.

“By signing this new project development agreement, GE Hitachi Nuclear Energy and Fluor are demonstrating our shared commitment and global supply chain readiness to TVO to deliver an ESBWR project on time and on budget,” said Danny Roderick, senior vice president of new plant projects for GEH. “Our companies offer the technology expertise and project management experience required to help TVO achieve its energy and economic priorities.”

Fluor and GEH intend to actively engage the very knowledgeable and well-established and experienced local supply chain companies and nuclear workforce to ensure that the project significantly contributes to the overall Finnish economy.

About GE Hitachi Nuclear Energy

Based in Wilmington, N.C., GE Hitachi Nuclear Energy (GEH) is a world-leading provider of advanced reactors and nuclear services. Established in June 2007, GEH is a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry. The nuclear alliance executes a single, strategic vision to create a broader portfolio of solutions, expanding its capabilities for new reactor and service opportunities. The alliance offers customers around the world the technological leadership required to effectively enhance reactor performance, power output and safety.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenue of $20.8 billion in 2010. For more information, visit www.fluor.com.


Fluor Corporation
Media Relations:
Keith Stephens, 469-398-7624
Brian Mershon, 469-398-7621
Investor Relations:
Ken Lockwood, 469-398-7220
Jason Landkamer, 469-398-7222


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