Fluor signs MOU with GE Hitachi for nuclear power plant in Finland

Fluor Corp. (NYSE: FLR) said that it has signed a project development memorandum of understanding (MOU) with GE Hitachi Nuclear Energy (GEH) to pursue a potential new nuclear power plant project in Finland. Fluor would serve as the engineering, procurement and construction (EPC) partner with GEH as the Finnish utility Teollisuuden Voima Oyj (TVO) begins plans for building a fourth reactor called the Olkiluoto-4 project.

In September, Fluor and GEH teamed on another similar project development agreement for new potential nuclear power plant 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 confirmed its intent to pursue two reactor projects including TVO's Olkiluoto-4.

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