Fluor and NuScale Announce Agreement Regarding Stake Monetization

Fluor Corporation (NYSE: FLR) (“Fluor”) and NuScale Power Corporation (NYSE: SMR) (“NuScale”) today announced that they have reached an agreement regarding the conversion and monetization of Fluor’s remaining stake in NuScale, and have agreed to certain economic and other terms.

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Under the terms of the agreement, Fluor will convert its remaining Class B units of NuScale Power, LLC (the “Class B units”) into shares of Class A common stock of NuScale (the “Class A common stock”), and will promptly begin a structured monetization of shares, subject to certain mutually agreed volume restrictions, which are intended to preserve the value of NuScale’s equity during the process. Fluor expects to complete the monetization of its stake by the end of the second quarter of 2026.

In connection with the exchange, Fluor has agreed to vote in favor of NuScale’s anticipated increase to its authorized share count, to reduce Fluor’s economic rights under the tax receivable agreement, and to waive certain claims relating to Fluor’s commercial arrangements with NuScale. The parties also agreed to certain limitations on NuScale’s equity issuances through February 2026, intended to align interests and market stability while both parties access the capital markets.

The agreement follows extensive dialogue and engagement by and between Fluor and NuScale; including NuScale’s Special Committee of its Board of Directors.

“We’re proud of our successful investment in NuScale and the past and prospective value generated for Fluor shareholders,” said Jim Breuer, Chief Executive Officer of Fluor. “Over the past several quarters, we engaged with NuScale to reach an efficient and equitable outcome that helps capture significant value for our shareholders, underscoring our long-term commitment to driving shareholder returns.”

“Fluor’s support over the past 14 years has been instrumental in positioning NuScale as a leader in advanced nuclear technology,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “This transaction marks a natural evolution of our relationship and underscores NuScale’s readiness to move forward, focused on delivering our SMR technology to the market, while delivering tremendous value to our investors.”