logo
Share SHARE
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
GoPro has just launched a facile camera, its smallest and lightest yet, as the action-camera sports maker seeks to further entice its adventure-seeking consumers. Oreo, the popular two chocolate wafers with a sweet crème filling in between has now got a new look. With about half the width of the regular Oreo, the new Oreo Thins will be thinner and slightly reduced in calorie. It will be available from July 13 with no change in its cookie taste and price tag. The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares.
comments powered by Disqus
RELATED NEWS
Trade FLR now with 
Follow RTT