By Sam Boughedda
Investing.com — Fluor Corporation (NYSE:FLR) said Monday that a Department of the Navy contract with subsidiary Fluor Marine Propulsion was extended into fiscal year 2022.
The one-year, cost-plus-fixed-fee contract extension is valued at $1.16 billion.
Fluor shares rose 3.5% on the news.
The contract is part of a joint program — Naval Reactors — overseen by the Department of Energy’s National Nuclear Security Administration and the Department of the Navy.
It includes Naval Nuclear Propulsion work at the Navy Nuclear Laboratory sites in New York, Pennsylvania, and Idaho.
Fluor won the initial contract in 2018 in a joint Department of Energy and Department of Navy competition. Put together, the contracts have a potential value of $30 billion over 10 years if all options are executed.
Last week, Fluor stock jumped 8.2% after the U.S. Department of Energy selected its joint venture to manage a nuclear waste contract on the Savannah River.