COOEC-Fluor JV Wins Seagreen 1 Wind Project in North Sea

A joint venture or JV company between Fluor Corporation FLR and Offshore Oil Engineering Co., Ltd. (COOEC) has clinched a contract from Seaway 7 to fabricate jackets and suction caissons for the Seagreen 1 offshore wind project.

The COOEC-Fluor JV’s scope of work for Seagreen 1 includes manufacturing and delivering jackets as well as suction caissons for the Seagreen 1 offshore wind project located in the North Sea, off the coast of Scotland.

Upon Completion, Seagreen will be able to generate up to 1,075 megawatts that is sufficient to supply electricity for approximately 1 million homes. Through its joint venture COOEC-Fluor fabrication yard, one of the world’s largest, Fluor intends to effectively deliver the jackets and suction caissons for Scotland’s largest wind farm.

Mark Fields, president of Fluor’s Energy & Chemicals business, said, "Fluor is committed to building a better world by providing renewable energy solutions to meet our clients’ needs."

Focus on Renewable Space to Drive Growth

Fluor is tracking multiple large projects in the Energy & Chemicals unit. The company is an industry leader in nuclear remediation at government facilities throughout the United States. It is expected to benefit from the rising demand for energy across the globe. The company’s long-term prospects remain strong, given growth opportunities in renewable energy, gas-fired combined cycle generation and air emissions compliance projects for the existing coal-fired power plants.

On Jul 21, 2020, the company announced that it has received a front-end engineering and design (“FEED”) contract from California’s largest oil and natural gas exploration and production company — California Resources Corporation (CRC) — to use its proprietary Econamine FG Plus (EFG+) technology for the latter’s carbon capture and sequestration project, Cal Capture. Fluor’s Energy & Chemicals business will work as a licensor of the 550-megawatt, natural gas-powered Elk Hills Power Plant’s licensed process unit and required utility systems situated in Tupman. Moreover, the work will include Fluor’s advanced solvent formulation, together with a number of patented energy-saving features. The EFG+ is an energy-efficient, cost-effective technology that helps in the removal of carbon dioxide from flue gas streams.

The company’s stock has gained 57% in the past six months compared with the Zacks Engineering - R And D Services industry’s 37.3% rally. Continuous contract wins, strong end-market prospects, solid backlog level and a good business portfolio mix are expected to benefit the company in the future.

Zacks Rank

Fluor — which shares space with Gates Industrial Corporation plc GTES, Quanta Services, Inc. PWR and AECOM ACM in the same industry — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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