Engineering & Construction Firm Flour Bags Contract Extension From US Government For Naval Nuclear Laboratory

Fluor Corp FLR owned special purpose entity, Fluor Marine Propulsion, LLC, attained a five-year extension for the U.S. Department of Energy's National Nuclear Security Administration (NNSA) contract. 

The contract, originally won in 2018, had a five-year base performance period with a five-year extension option. 

At par with the original contract, FLR will recognize all fees earned with this new extension as equity income.

The contract, which includes the management and operation of the Naval Nuclear Laboratory, supports the Naval Nuclear Propulsion Program, which is a joint endeavor of the Department of Energy's NNSA and the Department of the Navy. 

"We are proud that the U.S. government continues to place its confidence in us to ensure that the nuclear Navy remains superior and is able to carry out its vital missions anywhere in the world. We look forward to supporting the Naval Nuclear Laboratory as it continues to deliver excellence to the men and women of the Navy who serve our country," stated Tom D'Agostino, group president of Mission Solutions business segment. 

Also Read: Fluor's Financial Turnaround: Analyst Anticipates Cash Boosts And Revenue CAGR Of 9% Through 2025

At the end of Q2, FLR's cash and marketable securities stood at $2.1 billion.

Price Action: FLR shares closed lower by 0.08% at $36.64 on Monday.