Fluor Joint Venture Receives Notice to Proceed on Hanford Integrated Tank Disposition Contract

Barchart · 10/17 15:22

Fluor Corporation (NYSE: FLR) announced today that the U.S. Department of Energy (DOE) has approved Hanford Tank Waste Operations & Closure, LLC (H2C) – a joint venture led by a subsidiary of BWX Technologies, Inc., with Fluor and Amentum – to begin the Hanford Integrated Tank Disposition Contract. The contract has an estimated ceiling of $45 billion over a 10-year ordering period for environmental management operations at the Hanford Site in Washington state. Fluor will recognize its share of earnings from this new contract using the equity method of accounting beginning in the fourth quarter of 2024.

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An aerial view of the Hanford Site in Washington state. (Photo: Business Wire)

An aerial view of the Hanford Site in Washington state. (Photo: Business Wire)

Earlier in 2024, the DOE announced that the contract had been awarded to H2C. A protest against this award was recently dismissed in the U.S. Court of Federal Claims.

“Fluor and our H2C partners are ready to get to work on this important DOE cleanup mission,” said Tom D’Agostino, Group President of Fluor’s Mission Solutions business. “We’ve been a proud member of the Tri-Cities community for more than 25 years, beginning with the Project Hanford Management Contract in 1996 and continuing through to our role today on the Central Plateau Cleanup Contract. We look forward to supporting the DOE and other site contractors in continuing our effort and in working with the community.”

The contract scope includes the operation of the Hanford tank farm facilities, eventual operation of the Waste Treatment and Immobilization Plant, and responsibility for other core functions such as project management, security and emergency services, business performance, and environment, safety, health and quality.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 34,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2023 and is ranked 265 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube.

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