Released By Fluor Corporation News Release
April 10, 2001

DUKE/FLUOR DANIEL SELECTED BY RAYTHEON TO COMPLETE CONSTRUCTION OF TWO POWER PLANTS IN MASSACHUSETTS

ALISO VIEJO, Calif. – Duke/Fluor Daniel has been awarded a contract by Raytheon Company to provide engineering, procurement, construction and commissioning (EPC) services for two power generation facilities currently under construction near Boston, Massachusetts. Duke/Fluor Daniel replaces Washington Group International as the EPC contractor for the Mystic Project, a 1,600 megawatt (MW) combined cycle facility, and the Fore River Project, an 800 MW combined cycle facility. The two plants are owned by Sithe North America.

Duke/Fluor Daniel will provide the EPC services to Raytheon under a reimbursable cost plus fee-type contract. The value of the contract to Duke/Fluor Daniel is approximately $400 million.

According to Alan Boeckmann, president and chief operating officer of Fluor Corporation, "This award is a strong vote of confidence in Duke/Fluor Daniel's proven leadership in the global power market. We look forward to working with Raytheon and Sithe on this project."

About Raytheon

With headquarters in Lexington, Massachusetts, Raytheon Company is a global technology leader in defense, government and commercial electronics, and business and special mission aircraft.

About Sithe North America

Sithe North America is owned 49.9 percent by Exelon Holdings Inc., a wholly owned subsidiary of Exelon Corporation; approximately 34 percent by subsidiaries of Vivendi Universal; approximately 15 percent by subsidiaries of Marubeni Corporation; and approximately 1 percent by Sithe management.

About Duke/Fluor Daniel

Duke/Fluor Daniel provides comprehensive engineering, procurement, construction and operating plant services for fossil-fueled electric power generating facilities worldwide. The general partnership of Duke Energy and Fluor Corporation is one of the largest power contractors in the world and has the largest U.S. market share for the engineering and construction of natural gas-fired power projects. Duke/Fluor Daniel's operating plant services supports utility, merchant and cogeneration plants, including operations and maintenance contracts, capital projects, environmental retrofits and other major plant improvements. For more information visit www.dukefluordaniel.com

About Duke Energy

Duke Energy, a diversified multinational energy company, creates value for customers and shareholders through an integrated network of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses – generating revenues of more than $49 billion in 2000. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at www.duke-energy.com.

About Fluor Corporation

With 2000 revenues of $10 billion, Fluor Corporation (NYSE: FLR) provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance, project management and business services.

Contact: Keith Karpe
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