Project management services provider Fluor Corp. (FLR), Wednesday said that the Utah Department of Transportation selected Provo River Constructors, a Fluor-led joint venture, as the team with the best fixed-price, best-design proposal for the expansion of the I-15 Corridor Reconstruction project. As per the terms of the contract, with an expected design-build contract value of about $1.1 billion, Provo River will work on a 23-mile stretch of the existing interstate in Utah County.
Fluor noted that it will book its 40% share of the project into backlog when the contract is signed and all material financing uncertainties have been resolved, which is expected to be no later than the first quarter of 2010. Utah's State Legislature, on the other hand, will fund the project with previously authorized revenue and bond package.
I-15 is the major north-south commuter route between Salt Lake City and the Provo/Orem region and the new project will add 23 miles of two additional lanes on both southbound and northbound routes from American Fork to Provo and extend the existing express lane from Orem to Provo. In addition, the contract provides for the redesigning and replacing of aging bridges and outdated and congested interchanges to facilitate increased mobility and safety.
Previously, Fluor has worked with Utah Department of Transportation on the Legacy Parkway project from 2000 to 2003.
FlR closed Wednesday's regular trading at $40.61, down 0.19 or 0.47%, on a volume of 4.13 million shares on the NYSE. In after hours, the stock gained 0.24 or 0.59%, trading at $40.85.
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