Fluor Corp. and Offshore Oil Engineering Co. Ltd (COOEC), a subsidiary of China National Offshore Corp., have formed a new fabrication joint venture called COOEC Fluor Heavy Industries Co. Ltd (CFHI). CFHI will operate and manage the Zhuhai Fabrication Yard in China’s Guangdong province. Fluor will hold 49% in the joint venture, and COOEC will hold 51%.
Chairman and CEO of Fluor, David Seaton, said: “COOEC Fluor Heavy Industries is an important strategic alliance, as it positions Fluor to develop a more powerful presence in the global construction and fabrication market, and enhances our abilities to serve and grow our client base in Asia-Pacific and around the world. Our customers are enthusiastic about this venture’s ability to delivery very large cost-efficient structures.”
As part of the joint venture, Fluor will make two stages of investments: an initial cash investment of US$350 million after all regulatory approvals are received, which is targeted for late 2015, and a US$139 million investment in 3Q16.
Edited from press release by Angharad Lock
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/21082015/fluor-and-cooec-form-new-joint-venture-1172/