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

Editors Pick
The bench to bedside journey of drugs is fraught with challenges. It is estimated that only 5 in 5,000 compounds that enter preclinical testing make it to human testing, and out of those 5, only 1 may pass through all the regulatory hurdles needed to reach pharmacy shelves. Major League Baseball is talking expansion for the first time in a few decades. Owners stand to make a pretty penny from expansion fees and subsequent television rights. The possibility of a more balanced schedule is also enticing. Strong expansion candidates in the U.S. and Canada are ready... The New York Times is teaming up with Google again to give away Google Cardboard, the virtual reality headsets, but this time only to its "most loyal" digital subscribers. The company said that the digital-only subscribers selected for this distribution were chosen based on the duration of their subscriptions.
comments powered by Disqus
Follow RTT