2020-05-04 06:13:40 FLR Fluor
05/04/20 05/0406:13 05/04/2006:13 | Fluor provides update on review of two projectsFluor provided updates on the two projects that were subject to developments contributing to the delay of Fluor's Form 10-K filing. Fluor, along with its joint venture partners on the Purple Line Rail Project in Maryland, informed the lead contracting and finance consortium for the project of the joint venture's intent to terminate the design-build contract. There were multiple delays on the project and the joint venture was unable to obtain the time and cost relief to which it is entitled from the Maryland Department of Transportation and Maryland Transportation Authority. This decision avoids the joint venture having to fund significant future delay and impact costs associated with completing the project. The joint venture will work with MDOT and the MTA to ensure an orderly transition. This process is expected to take approximately 60 to 90 days and is reimbursable under the contract. As a result of this termination, Fluor's project backlog will be reduced by approximately $1.2B. The company does not anticipate any material adjustments. | |
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