Fluor Corp.’s built many complex structures but its first offshore wind farm project isn’t going well. Greater Gabbard project has faced weather and equipment problems. Related Links: Britain’s Huge Offshore Wind Farm Faces An Array of Challenges The Irving, Texas-based contractor will report quarterly earnings Nov. 4 and will take a $163-million write-off in its third-quarter earnings because of unexpected complications in building the 504-MW Greater Gabbard wind farm off the coast of England. The loss on the $1.8-billion, fixed-price contract with Scottish and Southern Energy plc means that the project will be unprofitable, says Avram Fisher, an analyst who
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.