Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

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

RELATED NEWS
Trade FLR now with 
11/17/2012 12:50 AM ET

(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: Quote) 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."

Click here to receive FREE breaking news email alerts for Fluor Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.