Fluor and Offshore Oil Engineering, a subsidiary of China National Offshore Oil Corporation will form a new joint venture, COOEC Fluor Heavy Industries through which the two companies will own, operate and manage the Zhuhai Fabrication Yard in China’s Guangdong province.
Located near Hong Kong in the Zhuhai Gaolan Port Economic Development Zone, the Zhuhai Fabrication Yard is a world-class, state-of-the-art facility, which is already establishing a reputation for serving fabrication needs in the Asia-Pacific region. At 2 million square meters, the yard can accommodate fabrication modules weighing more than 50,000 tons. The yard has delivered a number of significant structures to date and has a backlog of projects in the Asia-Pacific market.
As part of the joint venture, Fluor will make two stages of investments – an initial cash investment of USD 350M after receiving regulatory approvals targeted for late 2015, and a USD 139M investment in the third quarter of 2016. Fluor will hold 49% ownership in the joint venture, with COOEC holding 51%.
