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FLR Told to Stop Refinery Work

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March 20, 2009 |Comments: 0
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FLR

Fluor Corp. (FLR) stated that Kuwait National Petroleum Co. (KNPC) canceled its contract for an al-Zour refinery, which had a remaining value of $2.1 billion.

Shares have slumped more than 5% today amid volumes that are less-than-half normal levels.

According to a company spokesman, FLR was the overall project manager for the refinery and about 300 employees were performing engineering work on the project.

KNPC has terminated contracts worth more than $10 billion related to the al-Zour refinery project and, besides FLR, 4 South Korean companies are also impacted.

Analysts have reduced earnings estimates for this year by 7 cents over the past month and 8 cents over the past 60 days.

FLR is a Zacks #3 Rank ("Hold") stock.

Read the full analyst report on FLR

 
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