Fluor Corp. (FLR) announced that it agreed to divest its portion of its Zhuhai fabrication yard in China's Guangdong province to Offshore Oil Engineering Co., Ltd. (COOEC). Fluor expects to receive $122 million in proceeds, based on current exchange rates, when the transaction is completed in the coming months.
Upon completion, COOEC will assume full ownership of the fabrication yard. The facility, together with COOEC's other assets, will remain available to support fabrication requirements for future Fluor projects and opportunities.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.