Markets

Navy Adds $2.41 Billion To Fluor Unit's Nuclear Propulsion Contract, But Only $597,900 Is Committed

The cost-plus-fixed-fee modification covers work at the Naval Nuclear Laboratory in three states.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

— 1 min read
Share
Navy Adds $2.41 Billion To Fluor Unit's Nuclear Propulsion Contract, But Only $597,900 Is Committed

The Navy modified an existing naval nuclear propulsion contract held by Fluor Marine Propulsion with a $2,409,077,590 cost-plus-fixed-fee modification, the Department of War announced Friday. Only $597,900 was obligated when the work was awarded.

A modification, not a new contract

The action changes a previously awarded contract, N0002418C2130, and covers Naval Nuclear Propulsion work at the Naval Nuclear Laboratory. The Department said the award date was Sept. 24, 2026. In a cost-plus-fixed-fee deal, the government reimburses costs and adds a set fee.

The awardee is Fluor Marine Propulsion LLC of Arlington, Virginia. The Naval Sea Systems Command in Washington, D.C., is the contracting activity.

Where the money is committed

The obligated amount at award was $597,900. Of that, $582,062 (97%) came from fiscal 2026 operations and maintenance (Navy) funds, and $15,838 (3%) from fiscal 2026 shipbuilding and conversion (Navy) funds.

The $15,838 in shipbuilding funds expired at the end of fiscal 2026, the Department said.

Work will be done in Pittsburgh, Pennsylvania (47%), Schenectady, New York (45%), and Idaho Falls, Idaho (8%).

The parent's business

Fluor Marine Propulsion's parent, Fluor, provides engineering, procurement and construction and project management services. Its Mission Solutions segment handles nuclear, environmental, disaster-response and national security work for governments, according to the company's 10-K for fiscal 2025. U.S. government agencies accounted for 17% of its 2025 revenue.

Fluor shares were at $44.05 in the latest snapshot, taken Friday.

The Department's announcement puts the committed funds at $597,900 against a modification value of $2,409,077,590.

Sources

Read more