Fluor To Divest Zhuhai Fabrication Yard Stake To COOEC
(RTTNews) - 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.
Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.