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Fluor to Collaborate with Bulgarian Energy Holding for Potential New Nuclear Power Units

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Companies to Focus on Decarbonization to Support Clean Energy Transition

IRVING, Texas, October 28, 2021--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that it has signed a memorandum of understanding (MOU) with Bulgarian Energy Holding EAD for the consideration of new nuclear units in Bulgaria. Bulgarian Energy Holding is comprised of a group of companies engaged in the electricity generation, supply and transmission, natural gas transmission, supply and storage and coal mining market in Bulgaria.

"This new agreement exemplifies Fluor’s strategy to deliver decarbonization solutions in support of the world’s clean energy transition journey," said Jim Breuer, group president of Fluor’s Energy Solutions segment. "Fluor has unparalleled experience in the nuclear industry. Coupled with its investment and demonstrated project capabilities with NuScale Power’s unique small modular reactor technology, Fluor is positioned as a leader in this global imperative."

Fluor and Bulgarian Energy Holding have agreed to cooperate in evaluating potential program management services, front-end engineering, evaluation of the existing coal-fired fleet for potential nuclear small modular reactor re-purposement projects, and the assessment of the Bulgarian supply chain and other related services.

"The necessity of implementing safe and reliable clean energy power at Kozloduy is well understood in Bulgaria and eastern Europe," said Valentin Nikolov, chief executive officer, Bulgarian Energy Holding. "Fluor is a leading engineering, procurement, construction and project management services company in the energy transition space. Coupled with NuScale’s small modular nuclear reactor technology, we can achieve European and Bulgarian policy goals in a more diversified power market, improve the security of energy supply and add sufficient value for the national gross domestic product."

Fluor has been serving the nuclear industry for more than 70 years including the design and construction support of more than 25 nuclear plants, plus nearly 100 million hours of nuclear operations and maintenance work.

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 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $14.2 billion in 2020 and is ranked 196 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

About NuScale Power

NuScale Power has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. This groundbreaking small modular reactor (SMR) design features a fully factory-fabricated NuScale Power Module™ capable of generating 77 megawatts of electricity using a safer, smaller and scalable version of pressurized water reactor technology. NuScale's scalable design—power plants that can house up to four, six, or 12 individual power modules—offers the benefits of carbon-free energy and reduces the financial commitments associated with gigawatt-sized nuclear facilities. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 70-year history in commercial nuclear power.

NuScale is headquartered in Portland, Oregon, and has offices in Corvallis, Oregon; Rockville, Maryland; Charlotte, North Carolina; Richland, Washington; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power's website.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028006244/en/

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Jason Landkamer
Investor Relations
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