Fluor's Joint Venture Selected for I-15 Corridor Reconstruction Project

Fluor Corporation (NYSE: FLR) announced today that the Utah Department of Transportation (UDOT) selected Provo River Constructors, a Fluor-led joint venture, as the team with the best fixed-price, best-design proposal for the expansion of the I-15 Corridor Reconstruction (CORE) project.

The proposed scope of work is along a 23-mile stretch of the existing interstate in Utah County, one of the fastest growing counties in the U.S. I-15 is the major north-south commuter route between Salt Lake City and the Provo/Orem region.

The design-build contract value is expected to be in the range of $1.1 billion. Fluor will book its 40 percent share of the project into backlog when the contract is signed and all material financing uncertainties have been resolved, which is expected to be no later than the first quarter of 2010. Utah’s State Legislature previously authorized a revenue and bond package to support the project.

“Fluor’s track record of successfully completing design-build road projects and delivering value to our transportation clients across the United States is an area in which we take great pride,” said Patrick Flaherty, head of Fluor’s Infrastructure business line. “Fluor developed an excellent relationship with UDOT during the Legacy Parkway project from 2000 to 2003 and we look forward to building on that relationship to deliver the I-15 project with excellence,” concluded Flaherty.

The I-15 CORE project will add 23 miles of two additional lanes on both southbound and northbound routes from American Fork to Provo and extend the existing express lane from Orem to Provo. Additionally, aging bridges (built in the 1960s) and outdated and congested interchanges will be redesigned, modified and/or replaced to facilitate increased mobility and safety.

Source: http://www.fluor.com/

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