Fluor receives adverse ruling on Greater Gabbard project

theflyonthewall.com

Fluor announced that the company received an adverse decision from an arbitration panel regarding its claims for additional compensation related to the Greater Gabbard Offshore Wind Farm Project. Through its claims, the company sought to recover compensation for schedule and cost impacts arising from delays, disruption and productivity issues which the company believes were attributable to the client and other third parties. As a result of the decision, Fluor expects to record a pre-tax charge of approximately $400M in Q4, which was not considered in its most recent earnings guidance for 2012. With the project substantially complete, the decision is not expected to have a material adverse impact on cash flow.

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