Fluor to Provide Environmental Services Upgrades for PNM San Juan Generating Station in New Mexico

  Fluor to Provide Environmental Services Upgrades for PNM San Juan Generating
  Station in New Mexico

     Emissions Reduction Project to Produce Substantially Cleaner Energy

Business Wire

IRVING, Texas -- November 08, 2012

Fluor Corporation (NYSE: FLR) announced today that it was awarded an
early-phase engineering, procurement and construction (EPC) contract by PNM to
provide environmental services upgrades for four power units at the San Juan
Generating Station in New Mexico. Fluor will book the undisclosed first phase
value of this project into backlog in the fourth quarter of 2012.

Fluor expects to begin the second phase in January 2013 with full
notice-to-proceed projected for mid-2013. Fluor will provide full EPC services
to design, build, install and commission new selective catalytic reduction
(SCR) equipment for each of the San Juan Generating Station’s four units
totaling 1,848 megawatts of capacity, which will significantly reduce the
nitrogen oxide (NOx) emissions. When the environmental upgrades are completed,
the equipment utilized will provide one of the highest NOx removal
efficiencies in the country and will comply with the Environmental Protection
Agency federal plan to address regional haze at San Juan Generating Station.

“This first phase contract for a new SCR project has been the result of a
highly collaborative process with PNM,” said Dave Dunning, president of
Fluor’s Power Group. “Fluor is a leader in providing environmental compliance
services for power plants across the country with more than 39,000 megawatts
of SCR upgrade projects completed. We will assist PNM with creative, flexible
solutions to bring cleaner power to its customers.”

“We have been very impressed with Fluor’s professionalism and flexibility as
we have been engaged to bring this project to reality over the past several
months,” said Ron Talbot, senior vice president and COO of PNM Resources, the
parent company of PNM. “We appreciate Fluor’s willingness to develop
approaches that keep our compliance with the federal regional haze rule on
track while also giving PNM and the other San Juan Generating Station owners
the flexibility to aggressively explore alternatives to the federal plan.
Minimizing the cost impact to customers while alternatives were explored is
important, and Fluor has helped us achieve that.”

The San Juan Generating Station is located in Waterflow, N.M., and is expected
to have more than 500 craft laborers at construction peak in mid-2015. All
units are expected to be online by mid-2017. Fluor’s Greenville, S.C. office
is expected to lead the project.

Fluor previously served as EPC contractor for the LUNA (partially-owned by
PNM) natural gas, combined cycle facility in Deming, N.M. that was completed
in 2006.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the
world's most challenging and complex projects. Founded in 1912, the company
was started by John Simon Fluor Sr. with a modest investment of $100. Since
those humble beginnings, the company has grown into one of the largest
engineering & construction companies in the world. Fluor is celebrating its
100^th anniversary during 2012.

Today, through its global network of offices on six continents, the company
provides comprehensive capabilities and world-class expertise in engineering,
procurement, construction, commissioning, operations, maintenance and project
management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and
had revenue of $23.4 billion in 2011. For more information, visit
www.fluor100.com and www.fluor.com.

Contact:

Fluor Corporation
Media Relations
Keith Stephens, 469-398-7624
or
Brian Mershon, 469-398-7621
or
Investor Relations
Ken Lockwood, 469-398-7220
or
Jason Landkamer, 469-398-7222
 
Press spacebar to pause and continue. Press esc to stop.