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Fluor's (FLR) Stork Receives North Sea Contract Extension

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Fluor Corporation’s (FLR - Free Report) Stork unit recently announced a two-year contract extension with Chrysaor Holdings Limited. Stork will provide asset integrity services offshore North Sea.

The contract reinforces the existing business relationship between the companies. Per the contract, Stork ensures the continuity of providing asset management solution and strives to increase the offshore assets’ life cycle for the Armada, Everest and Lomond platforms in the central North Sea.

With respect to this, Taco de Haan, president of Stork, stated, “Stork has provided specialist asset integrity solutions for these platforms since 2014, and Stork is pleased to build upon this business relationship.”

Stork provides a vast range of integrated, innovative and data-driven solutions. The company aims to expand its clients’ business sustainably and set a new standard in asset management. Stork’s core business value includes Safety, Integrity, Teamwork, Client Focus and Excellence.

The company has a solid track record of receiving awards and management is optimistic about continuation of this trend in the future as well, which is expected to drive growth. The company, being an industry leader in nuclear remediation at government facilities throughout the United States, is expected to benefit from rising demand for energy across the globe.

Shares of Fluor have gained 108.2% in the past six months, outperforming the industry's 54% growth. Continuous contract wins, strong end-market prospects and a good business portfolio mix are expected to benefit the company in the future.

Zacks Rank

Fluor — which shares space with KBR, Inc. (KBR - Free Report) , Jacobs Engineering Group Inc. (J - Free Report) and AECOM (ACM - Free Report) in the Zacks Engineering - R and D Services industry — currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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