Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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: 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

Quick Facts

Editors Pick
Colorado based doctor Dilip Joseph, who was kidnapped by the Taliban discusses his ordeal in detail in a book published by Amazon on Tuesday. Extending the rebound seen over the course of the previous session, stocks moved sharply higher during trading on Friday. The gains on the day partly offset the recent sell-off on Wall Street, although the major averages remain well off their mid-September highs. While the Ebola outbreak in the U.S. has thus far been limited to just three people, the results of a new CBS News poll suggest that news of the disease has contributed to a sharp drop in public confidence in the Centers for Disease Control and Prevention.
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.