Fluor Corp. announced it has reached an agreement 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 US$122 million (¥859 million yuan) in proceeds, based on current exchange rates, when the transaction is completed in the coming months.
Following completion of the transaction, COOEC will own 100% of the fabrication yard, which will be available, along with other COOEC facilities, to support fabrication needs for future Fluor opportunities.