To: E_K_S who wrote (77591 ) 5/24/2025 11:25:15 AM From: E_K_S Read Replies (1) | Respond to Re: Fluor Corp (FLR) - The Value Proposition - SMR reactors & 2025/2026 New Projects NuScale Power Corporation (SMR) . Romania SMR Project (RoPower Nuclear - Doicesti, Romania): Contract Term: Fluor was awarded the Phase 2 Front-End Engineering and Design (FEED) work. This was recognized as a new award in Q3 2024. Fluor had completed Phase 1 FEED work in Q4 2023. The contract is for customizing a six-reactor SMR power plant with NuScale technology.Schedule/Deliverables: Phase 2 FEED work involves designing the plant to European codes and standards, capable of producing up to 462 megawatts. The critical next step is the Final Investment Decision (FID) on this project, which NuScale executives expect by the end of 2025 . If the FID is positive, this would lead to significant EPC/EPCM work for Fluor in 2026 and beyond.Deliverables: The FEED work involves detailed engineering, design customization, and preparation of documentation necessary for regulatory approval and a final investment decision. This sets the stage for the full construction phase. NuScale's Broader Commercialization Efforts (Indirect Fluor Involvement): While Fluor is NuScale's majority investor and has the rights to construct NuScale-based power plants, specific EPC/EPCM contracts for new SMR deployments depend on NuScale securing firm customer orders. NuScale's Targets: NuScale expects its uprated 77-MWe design to receive U.S. Nuclear Regulatory Commission (NRC) approval in July 2025 . They are targeting their first firm customer order by the end of 2025 .Manufacturing: NuScale's manufacturing partner, Doosan, currently has 12 NuScale modules in production and could deliver 20 per year as orders materialize.Potential Future Projects: If NuScale secures these orders, Fluor would be in a prime position to bid on or be awarded the associated EPC/EPCM work for these plants, which could begin in earnest in 2026 and beyond. The modular nature of SMRs suggests factory fabrication and then on-site assembly and commissioning. Key Point: Fluor's direct role in SMR projects for 2025 will continue to be primarily in engineering and design phases (like the Romania FEED work). The significant construction phases for SMRs, leading to large revenue generation, are contingent on NuScale securing firm customer orders and associated Final Investment Decisions, which are largely anticipated to materialize by late 2025 for the first projects and subsequently ramp up into 2026 and the latter half of the decade.life sciences (pharmaceuticals), mining & metals, energy transition, and government services , aligning with their strategic "Grow & Execute" phase.Upcoming Projects for 2025 and 2026 (Confirmed & Anticipated): 1. Multi-Billion Dollar Pharmaceutical Facility in Indiana (Urban Solutions): * Contract Term: Engineering, Procurement, and Construction Management (EPCM) services. This is a multi-billion-dollar reimbursable contract . * Schedule/Deliverables: Fluor received a letter of intent in Q1 2025 and will recognize this as a new award in Q1 2025. This project is for one of the world's leading pharmaceutical makers and will manufacture peptide-based drugs for Type 2 diabetes and weight control. It's described as the largest investment in an active pharmaceutical ingredient facility in U.S. history. This is in addition to a first multi-billion-dollar project awarded to Fluor in 2023 for the same client in Indiana. Construction and deliverables will span well into 2025 and 2026 given its scale.2. TxDOT State Highway 6 Construction Project in Texas (Urban Solutions): * Contract Term: Construction contract valued at $682 million . * Schedule/Deliverables: Awarded in Q1 2025, this project will contribute to Fluor's infrastructure revenue in 2025 and 2026.3. Reko Diq Copper-Gold Project in Pakistan (Urban Solutions - Mining & Metals): * Contract Term: Fluor was awarded this project. While specific terms (EPC, EPCM, etc.) and contract value aren't explicitly detailed as a new award in recent releases, it's highlighted as a significant project in their mining portfolio. * Schedule/Deliverables: This is a large-scale mining project that will contribute to revenue in 2025 and beyond.4. Dow Path2Zero Project (Canada) & LNG Canada (Energy Solutions): * Contract Term: These are existing, large-scale projects that are continuing to progress. The Dow project is a multi-billion-dollar reimbursable EPCM contract. * Schedule/Deliverables: Fluor is noting significant progress on both, with LNG Canada having 782 of 837 systems mechanically complete. These will continue to contribute revenue through 2025 as they near completion and through commissioning.5. Other Projects from Strong Backlog: * Life Sciences & Advanced Technologies: Continued execution on various pharmaceutical manufacturing facilities and semiconductor facilities. These are a key growth area for Fluor in Urban Solutions. * Mining & Metals: Increased focus on copper production in North and South America. * Government Services (Mission Solutions): Ongoing work for the U.S. Department of Energy (DOE) and other government clients. This includes nuclear fuel, fission, fusion, and large nuclear security facilities.
