Fluor held a second quarter 2012 conference call yesterday. The company’s management reviewed results and discussed the trends seen in the second half of the year.
Among other things, Fluor’s Chairman and CEO David Seaton commented on Greater Gabbard offshore wind farm, saying that the project is “substantially complete” and that the company is currently focused on the ongoing arbitration proceedings.
Namely, extra costs have been incurred last year on Fluor that prolonged its activities on the project implementation. Therefore, the company claimed compensation worth 300 million pounds ($477 million), but later on it faced a counterclaim from the offshore wind farm owners, RWE and SSE.
According to Seeking Alpha’s transcript of the conference call, Mr. Seaton said that Fluor’s position on this subject has not changed and that the decision from the arbitration panel is expected to be made fast.
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Offshore WIND staff, August 3, 2012; Image: Fluor