Fluor Corporation (NYSE:FLR) won a contract from Scottish & Southern Energy to construct a 500 MW wind farm, the world’s largest, off the coast of Suffolk in the UK. Fluor will book the $1.8 billion contract in the second quarter of 2008. On Monday, Fluor reported a 63% jump in earnings and revenue growth of 32%, boosting the stock price by nearly $25.00 yesterday. This single project is equal to nearly a third of the company’s reported new business in the first quarter of 2008. Fluor’s stock is off $1.46 in pre-open trading. On any other day besides after a huge earnings move, this contract would have likely moved the stock differently.
The Greater Gabbard Offshore Wind Farm will generate enough electricity to power more than 415,000 homes, approximately the entire demand from Suffolk. Each of the 140 turbines will generate 3.6 MW. A division of Siemens (NYSE:SI) will supply the turbines. Construction is scheduled to begin in 2009, and the project is expected to be completed in 2011.
Earlier this month, Shell (NYSE:RDS.A) withdrew from an 1 GW wind farm project located in the Thames estuary that would have generated enough power to supply one-quarter of the homes in London. Shell’s move was interpreted as a significant blow to the British government’s eventual goal of 33 GW of offshore wind capacity, which would provide electricity to every home in the country. Today’s announcement by Fluor takes some of the sting out of that ill-wind.
Paul Ausick
May 14, 2008
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.