Fluor Settles Disputes Over Oil Project
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Engineering and construction firm Fluor Corp. said that it had settled all outstanding disputes with an owners’ group on its Hamaca oil project in Venezuela and that arbitration proceedings had been dismissed.
The settlement will take deferred project costs off Fluor’s balance sheet, and the Aliso Viejo-based company will recognize a gain of $30 million in pretax earnings, Fluor said in a regulatory filing.
Arbitration proceedings began in 2001 on disputed changes and extra work for soil conditions on the project, according to a regulatory filing by Fluor.
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