(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.
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