Virginia Governor Announces That VDOT and Fluor-Transurban Reach Agreement in Principle on I-95 Project in Northern Virginia

Fluor Corporation (NYSE: FLR) confirmed today that Virginia Governor Bob McDonnell announced that the Virginia Department of Transportation (VDOT) and Fluor-Transurban have come to a non-binding, in-principle agreement on the major commercial terms to build the I-95 High Occupancy Vehicle/High Occupancy Toll (HOV/HOT) Lanes Project in Northern Virginia.

This interim step enables Fluor-Transurban and VDOT to finalize the details of a comprehensive agreement and financing package for the project. Fluor will book the project into backlog when financial close is achieved and financing is in place. The project is being financed and constructed under Virginia’s Public-Private Transportation Act, with financial close targeted to occur in mid 2012.

The project will expand the existing HOV facility on I-95 to create HOV/HOT Lanes across 28 miles between Edsall Road in Fairfax County and Garrisonville Road in Stafford County, with improved access to major Virginia employment centers and military sites. The project connects with Fluor-Transurban’s Capital Beltway HOT Lanes Project, which is scheduled for construction completion in late 2012.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenue of $20.8 billion in 2010. For more information visit www.fluor.com.