GE Hitachi Nuclear Energy and Fluor Corporation Look to Expand European Collaboration to Reactor Project in Finland

With Finnish utility Teollisuuden Voima Oyj (TVO) looking to build a fourth nuclear reactor, GE Hitachi Nuclear Energy (GEH) today announced it has signed a project development memorandum of understanding (MOU) with Fluor Corp. (NYSE: FLR). Under the terms of the MOU, Fluor would serve as GEH’s engineering, procurement and construction (EPC) partner if TVO selects GEH’s next-generation reactor technology for the "Olkiluoto-4” project.

GEH is a leading designer of advanced boiling water reactor (BWR) technology and services worldwide while Fluor is a leading engineering and construction company that has provided the global nuclear industry with design and construction support for 23 reactors. In September 2011, GEH and Fluor announced a similar project development MOU for potential reactor projects in Poland.

TVO is evaluating several different reactor technologies for the "Olkiluoto-4” project, including GEH’s Generation III+ Economic Simplified Boiling Water Reactor (ESBWR) design. In July 2010, Finland’s parliament ratified "Decisions in Principle" for two reactor projects—including TVO’s plan to build the fourth reactor at Olkiluoto. GEH’s ESBWR, a reactor that utilizes natural circulation and passive safety technology, is the world’s safest available reactor design as measured by industry standards.

In order to meet TVO’s project expectations and provide the most competitive bid for an ESBWR project, GEH turned to Fluor, a longtime energy industry partner.

"By signing this new project development agreement, GE Hitachi Nuclear Energy and Fluor are demonstrating our shared commitment and global supply chain readiness to TVO to deliver an ESBWR project on time and on budget,” said Danny Roderick, senior vice president of new plant projects for GEH. "Our companies offer the technology expertise and project management experience required to help TVO achieve its energy and economic priorities.”

Under the MOU, GEH and Fluor will jointly bid on the Olkiluoto-4 project, offering a complete and competitive solution for TVO.

"We look forward to demonstrating that Fluor’s comprehensive EPC expertise, together with GEH’s full-scale reactor technology, will provide Finland with a cost-effective, safe and secure solution for its future energy needs,” said Chris Tye, Fluor’s senior vice president for its nuclear power business line.

Together, GEH and Fluor attended FinNuclear’s "Meet the Vendor” event in Tampere, Finland on October 19-20, 2011. The forum, hosted by the Finnish Nuclear Industry Association, brought together reactor vendors and potential Finnish suppliers. GEH and Fluor believe that it is vital to engage the very knowledgeable and experienced local nuclear workforce.

About Fluor

Fluor Corporation 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.

About GE Hitachi Nuclear Energy

Based in Wilmington, N.C., GE Hitachi Nuclear Energy (GEH) is a world-leading provider of advanced reactors and nuclear services. Established in June 2007, GEH is a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry. The nuclear alliance executes a single, strategic vision to create a broader portfolio of solutions, expanding its capabilities for new reactor and service opportunities. The alliance offers customers around the world the technological leadership required to effectively enhance reactor performance, power output and safety.