Fluor Corporation (NYSE: FLR) today announced its subsidiary, Fluor
Enterprises, Inc., has signed a comprehensive agreement with the
Virginia Department of Transportation (VDOT) and Transurban (USA) Inc.
to develop a project to design, construct, finance and operate four new
high-occupancy toll (HOT) lanes along a 14-mile segment of the Capital
Beltway (I-495) in northern Virginia. The proposed HOT lanes will extend
from the Springfield Interchange (I-95/I-395) to south of Georgetown
Pike (Rte. 193).
The agreement confirms VDOT's selection of Fluor as the preferred
contractor to undertake the project and sets the framework for future
decisions on the project, such as design, financing and construction.
Subject to successful completion of an ongoing, independent
environmental review of the project, expected in December 2005, Fluor
will work with Transurban and VDOT to finalize the project's scope, plan
of finance, construction schedule and firm, fixed price, advancing the
project to financial close, anticipated for late 2006.
Construction completion is anticipated to be 55 months from financial
close, bringing congestion relief and new commuter travel choices such
as local and express buses and carpooling to Beltway travelers.
"This agreement is another first in our partnership with VDOT," said
Steve Dobbs, Fluor's Industrial & Infrastructure group president. "It
will be the first Virginia Public Private Partnership project that
includes private funding, in addition to the more traditional toll
revenue bond financing, and the first project to provide new travel
choices such as express bus and carpooling opportunities where they
didn't exist."
The reconstructed Beltway segment proposed by Fluor will consist of a
continuous 12-lane system including the existing eight general purposes
lanes, four on each side of the four new HOT lanes in the center. The
HOT lanes will be separated from the general purpose lanes and consist
of two HOT lanes in each direction. Use of the HOT lanes will be free to
buses, three-person or more carpools and emergency vehicles. Large
trucks cannot use the HOT lanes. All other vehicles will pay a toll that
will vary with the time of day and level of congestion. Toll collection
will be electronic. Intermediate entry and exit points are anticipated
at the Dulles Toll Road, Tysons Corner, Lee's Highway (Rte. 29), and
Braddock Road (Rte. 620).
As part of the separate environmental review, the Commonwealth
Transportation Board voted in January to designate the 12-lane HOT lanes
concept as the locally preferred alternative, an important step in
complying with the National Environmental Protection Act (NEPA). The
concept currently is being evaluated from an air-quality perspective by
the Transportation Planning Board of the Metropolitan Washington Council
of Governments for inclusion in its Constrained Long Range Plan. The
final step in the NEPA process is issuing a Record of Decision, expected
in December 2005.
Fluor Corporation (NYSE: FLR) provides services on a global basis in the
fields of engineering, procurement, construction, operations,
maintenance and project management. Headquartered in Aliso Viejo,
California, Fluor is a FORTUNE 500 company with revenues of $9.4 billion
in 2004. For more information, visit www.fluor.com.
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Media Relations
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Jerry Holloway
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949-349-7411
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Leann Vandergrift
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949-349-7420
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Investor Relations
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Lila Churney
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949-349-3909
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fax 949-349-5375
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Jerry Holloway, Media Relations, +1-949-349-7411, or LeannVandergrift, Media Relations, +1-949-349-7420, or Lila Churney, InvestorRelations, +1-949-349-3909, fax +1-949-349-5375, all of Fluor Corporation//Web site: http://www.fluor.com/