Fluor $FLR stock is testing a consolidation breakout as of January 16, 2023. The stock has also triggered a MACD buy signal. The breakout comes on the heels of a press release that the company landed a joint $436 million order from the Netherlands. $FLR stock is in a technical strong uptrend.
Fluor Joint Venture Selected for A27 HHZ Everdingen-Hooipolder Roadway Project in the Netherlands
On January 12, 2023, Fluor made a statement announcing that its joint venture with Ballast Nedam, ALSÉÉN, had signed a contract to provide design, construction, and maintenance services for the Netherlands’ A27 motorway project from Everdingen to Hooipolder. Fluor’s share of the $436 million contract will be booked in the first quarter of 2023.
“Fluor has more than 20 years of experience designing, building and maintaining sustainable infrastructure projects in the Netherlands,” said Shawn West, president of Fluor’s Infrastructure business. “This is the first project in the region to use a new two-phase approach between the joint venture and Rijkswaterstaat to limit project risks. We expect this unique approach to result in better project outcomes and a more stable execution phase for all parties.”
The joint venture team will replace the Merwede and Keizersveer bridges, repair the Hooipolder junction, widen nearly 25 miles (40 km) of the current A27 motorway, and connect the road to the upcoming Groote Haar business park in Gorinchem.
According to this two-phase contract approach, two-thirds of the scope will be developed by ALSÉÉN and Rijkswaterstaat to complete the design during the project’s first phase, enabling full site investigations, complete design packages, advanced work packaging, and negotiated subcontracts. As a result, the second phase will be more predictable and the scope of the work will be more precisely defined.
With more than 100,000 vehicles using the road daily, the A27 is among the ten busiest motorways in the Netherlands. When finished, the motorway should significantly reduce traffic congestion.
The initial project work is expected to start in 2023 and be finished between 2029 and 2031. Following completion, Ballast Nedam and Fluor will be in charge of maintaining the road for 15 years.
Fluor selected by Hellas Gold Single Member to provide EPCM services
On January 5, 2023, Fluor announced that it had been chosen by Hellas Gold Single Member, a fully-owned subsidiary of Eldorado Gold, to provide engineering, procurement, and construction management, or EPCM, services for its Skouries gold-copper mining project situated within the Halkidiki Peninsula of Greece. In the fourth quarter, Fluor recorded its portion of the $845M project investment value. Infrastructure, non-process facilities, the process area, and tailings filtration are all included in Fluor’s scope of work. Over the course of the project’s initial 20-year mine life, it is anticipated to produce, on average, 140,000 ounces of gold and 67 million pounds of copper each year. At the height of construction, the project is anticipated to employ up to 800 local laborers, and over the course of its 20-year lifespan, it will generate 1,400 long-term jobs. Construction will start in 2023 and last for a total of three years.