Fluor Corporation (NYSE: FLR) announced today that the Texas Department of Transportation (TxDOT) named Pegasus Link Constructors LLC (PLC), a Fluor-led joint venture, as the preferred bidder for the design, construction, and capital maintenance of the Horseshoe Project in Dallas, Texas. TxDOT’s estimate for the design, construction, utilities and right of way for the project is approximately $798 million. The selection was announced by TxDOT today at a monthly Texas Transportation Commission meeting.
TxDOT’s selection enables PLC and the department to commence contract negotiations. A notice to proceed is expected in the first quarter of 2013. Fluor will book the project into backlog once a final contract is approved and a notice to proceed is issued.
The Horseshoe Project’s scope of work includes I-30 from Sylvan Avenue to I-35E and I-35E from north of Eighth Street to the I-30/I-35E interchange in Dallas as well as construction of two fully designed Santiago Calatrava signature bridges. When completed, the project will correct some of the existing geometric issues causing congestion, repair and replace some of the deteriorating structures, and add capacity to the interchange and frontage roads. The I-30 and I-35E corridor carries more than 460,000 vehicles per weekday and was rated as the seventh most congested roadway in Texas in 2011.
TxDOT is utilizing design-build project delivery which will result in a shorter construction schedule and lower overall cost. Construction on the Horseshoe Project is expected to begin in the summer of 2013 with a projected completion date of 2017.Pegasus Link Constructors is a joint venture made up of Fluor Enterprises, Inc. (55 percent owner) and Balfour Beatty Infrastructure, Inc. (45 percent owner). The PLC team includes Parsons Brinckerhoff, Inc. (lead designer), AECOM (design), Raba Kistner Consultants, Inc. (independent construction quality assurance support and independent environmental compliance support), Kleinfelder Central, Inc. (geotechnical engineering), VMS (capital maintenance), and a number of local engineering consultants.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts