Benzinga | Nov 2, 2021 10:21AM EDT

Fluor Pockets $1.16B Contract Extension For Navy Nuclear Propulsion Work

* Fluor Corp (NYSE:FLR) stated that the subsidiary Fluor Marine Propulsion, LLC's Department of the Navy contract has been extended through the fiscal year 2022. The one-year, cost-plus-fixed-fee option is valued at $1.16 billion.

* 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.

* Fluor won the initial base Navy contract in a joint Department of Energy and Department of Navy competition in July 2018. The two contracts have an original potential value of $30 billion over 10 years if all options are exercised.

* The contract includes Naval Nuclear Propulsion work at the Navy Nuclear Laboratory (NNL) sites in New York, Pennsylvania, and Idaho.

* Price Action: FLR shares closed higher by 3.09% at $20.04 on Monday.