Fluor to design, build, finance, operate and maintain new 2.25-mile airport connection
Fluor
Corporation (NYSE: FLR) announced today that its joint venture LAX
Integrated Express Solutions (LINXS) team reached financial close to
design, build, finance, operate and maintain the 2.25-mile Los Angeles
International Airport (LAX) Automated People Mover project for the Los
Angeles World Airports (LAWA). Fluor plans to book its share of the
design and construction contract value in the second quarter of 2018.
The LINXS team is comprised of Fluor, ACS Infrastructure Development,
Balfour Beatty, Bombardier Transportation, Dragados USA, Flatiron and
Hochtief PPP Solutions. Fluor is participating in the entire 30-year
life cycle of the project, which will be delivered under a $4.9 billion
design-build-finance-operate-maintain contract.
The financing includes approximately $1.2 billion in Private Activity
Bonds, $263 million in bank debt, and equity from Fluor and its
partners. The contract includes milestone payments for design and
construction progress, availability payments for capital repayment, and
availability payments for operating and maintaining the automated people
mover.
“Fluor is pleased to have reached financial close more than a month in
advance of the deadline and is looking forward to providing this
innovative solution for LAWA by extending LAX’s world-class facilities,
reducing congestion and providing travel options with time-certainty,”
said Terence
Easton, president of Fluor’s infrastructure business. “Reaching this
milestone in partnership with LAWA will maximize our proven experience
from past P3 transit projects to successfully design, build, finance,
operate and maintain this megaproject.”
Fluor is the managing partner of the design-build joint venture team,
LINXS Constructors, comprised of Fluor, Balfour Beatty, Dragados and
Flatiron.
Design and construction is scheduled to begin later this year, with
passenger service slated for 2023. The project includes six stations
along a 2.25-mile guideway where driverless vehicles will arrive to
transport passengers every two minutes during peak periods. This new
line will offer ridership capacity of up to 10,000 passengers per hour.
LAWA anticipates that it will carry 85 million passengers per year
providing a modern, reliable solution to help ease traffic congestion.
Following construction, LINXS Operators, comprising Fluor, ACS
Infrastructure Development, Bombardier and Hochtief, will provide
approximately 25 years of operations and maintenance services.
About Fluor Corporation
Founded in 1912, Fluor
Corporation (NYSE: FLR) is a global engineering, procurement,
fabrication, construction and maintenance company that transforms the
world by building prosperity and empowering progress. Fluor serves its
clients by designing, building and maintaining safe, well executed,
capital-efficient projects around the world. With headquarters in
Irving, Texas, Fluor ranks 153 on the Fortune 500 list with
revenue of $19.5 billion in 2017 and has more than 56,000 employees
worldwide. For more information, please visit www.fluor.com
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Fluor CorporationMedia RelationsBrian Mershon, 469-398-7621orBrett Turner, 864-281-6976orInvestor RelationsJason Landkamer, 469-398-7222