Fluor says joint venture team selected for fuels project in Kuwait Fluor announced its joint venture team was selected by Kuwait National Petroleum Company as the preferred bidder to design, construct and commission the Mina Abdullah Package 2 Clean Fuels Project in southern Kuwait. Fluor expects to book its undisclosed portion of the project value in Q1. For the lump-sum, turnkey project, Fluor will provide engineering, procurement, construction (EPC) services as well as the associated commissioning, start-up and testing support.
Fluor downgraded to Underperform from Buy at BofA/Merrill As previously reported, BofA/Merrill assumed coverage on Fluor with an Underperform rating from a Buy rating. The firm sees better value elsewhere in the sector and expects double-digit backlog decline and peak earnings in 2015. Price target is $51.