Fluor Wins Contract to Build New Ritz-Carlton Resort

ALISO VIEJO, Calif., March 22 /PRNewswire-FirstCall/ — Fluor Corporation today announced that it has been awarded a $125 million contract to provide general contractor services for a new Ritz-Carlton resort in the Cayman Islands.

Situated in the center of exclusive Seven Mile Beach on the island of Grand Cayman, the project will include a 365-room hotel, restaurants, conference facilities, full-service European-style spa, a Greg Norman signature designed golf course and all of the amenities of a five-star resort. A focal point of the property will be The Residences At The Ritz-Carlton, with 71 units available for purchase.

Fluor's Commercial & Institutional business unit was selected for this project because of its recognized ability to deliver quality projects, on schedule and within budget, company officials said.

This award marks another milestone for our commercial operations. Closely following last quarter's award for another five-star resort in the Bahamas, it clearly establishes our competitiveness in the hospitality market, said Terry Towle, Fluor's vice president of Operations for its Commercial & Institutional business.

Construction will begin in March 2002, with the resort scheduled to open in late 2003. Fluor will execute the project out of its Greenville, South Carolina, office.

Fluor Corporation (NYSE:FLR) provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Aliso Viejo, California, Fluor is a Fortune 500 company with revenues of $9 billion in fiscal year 2001. For more information, visit www.fluor.com