CENTRUS ENERGY CORP 8-K

What Happened

• On February 9, 2026, American Centrifuge Operating, LLC (ACO), a Centrus Energy Corp. subsidiary, entered an engineering, procurement and construction (EPC) agreement with Fluor Federal Services, Inc. The agreement covers design, engineering, procurement, construction and commissioning of Centrus’s commercial uranium enrichment facility in Piketon, Ohio and extends until completion of performance.
• The EPC work will be performed on a time-and-materials basis (agreed labor rates, reimbursement of project costs plus margins). The agreement establishes program-level scope now and contemplates development of formal scopes for each major project phase as work advances.

Key Details

• Parties & dates: ACO (Centrus subsidiary) and Fluor Federal Services, Inc.; EPC agreement effective February 9, 2026; press release issued February 11, 2026 (Exhibit 99.1).
• Pricing & funding: Time-and-materials pricing; total paid will depend on detailed scopes authorized by ACO. ACO will authorize funds incrementally according to stage gates; Fluor’s performance is limited by authorized funding.
• Termination: ACO may terminate for convenience; if within the first 12 months, a termination fee starts at $24 million and decreases by $2 million each month.
• Contract terms: Includes customary warranties, change-order process, indemnification, limitations of liability (with exceptions), bonding/insurance requirements, and compliance with laws and safety standards.
• Disclosure: Centrus expects to file the EPC Agreement as an exhibit to its 10-Q for the quarter ending March 31, 2026.

Why It Matters

• This EPC agreement is a major contractual milestone in Centrus’s previously announced multi‑billion dollar expansion of its Piketon enrichment facility. It signals formal engagement of a large contractor (Fluor) and the start of staged project execution.
• For investors: the agreement commits Centrus to substantial, multi‑year spending, but does not fix a total project price (work is T&M and depends on future authorized scopes). Key items to watch in future filings and updates are stage-gate authorizations, monthly funding levels, project milestones, and any changes to estimated capital outlays or timing.