FONT-SIZE Plus   Neg

Correction: Fluor Expects $400 Mln Charge On Greater Gabbard Project Arbitration

(Correction: In second paragraph, the original article incorrectly said the decision would have a material adverse impact on cash flow. A corrected version follows.)

Fluor Corp. (FLR) said it received an adverse decision from an arbitration panel on the Greater Gabbard Offshore Wind Farm Project. The company had been claiming additional compensation for schedule and cost impacts from delays, disruption and productivity issues.

As a direct impact of the panel's decision, the company expects a pre-tax charge of around $400 million in the fourth quarter. However, the decision is not expected to have a material adverse impact on cash flow.

Chairman and Chief Executive Officer David Seaton said, "Fluor delivered a quality project, and we are extremely disappointed with this unexpected decision, especially considering recent statements that acknowledge that all 140 turbines are commissioned and exporting electricity, and the overall performance is more than 10 percent ahead of the client's expectations."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Ford Motor Company on Thursday reported a 56 percent fall in profit for the third quarter from last year, reflecting safety-recall expenses, product launch costs and lower profit in North America. However, adjusted earnings per share beat analysts' estimates. Social media site Twitter Inc. (TWTR) reported a narrower loss for the third-quarter quarter, while quarterly revenue increased 8% from the prior year. Adjusted earnings per share topped analysts' expectations. It will reduce about 9% of its global workforce. It updated its outlook for the full year 2016 and provided guidance for the fourth quarter of 2016. Dow Chemical Co. (DOW) reported a profit for the third-quarter declined about 44 percent from the prior year, reflecting a $0.13 per share charge related to the Dow Corning ownership restructure and a $0.11 per share charge for transactions and productivity actions. Results in the year-ago period reflect a $0.32 per share gain from the Agrofresh divestiture.
comments powered by Disqus
Follow RTT