Engineering firm Fluor Corp.'s bids on two now-completed projects relied on overly optimistic estimates that led to worsening cost overruns, according to the...
“We will continue to hold companies and individuals accountable for serious controls failures and resulting recordkeeping and reporting violations,” she said in a statement.Five Fluor employees also agreed to pay penalties ranging from $15,000 to $25,000 for their roles.
In a statement, the company said it cooperated with the SEC and took steps to correct its accounting practices. It also set aside reserves in 2022 to pay the fine.in a statement. “Fluor now has a refreshed board and a new management team that is driving a balanced risk profile and healthy backlog.”Why Fluor’s CEO had to go: He oversaw $1 billion in write-offs in three yearsLongtime chairman and CEO David Seaton left the company in 2019, following 18 quarterly write-offs from the cost overruns and bad estimates that totaled. Some of those write-offs involved a power plant in Citrus County, Fla., and a refinery in Europe. Fluor reported revenue of $13.7 billion in 2022. Its 40,000 employees build a wide array of projects, from the $666 million
Please follow us on Google to support us United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
10 college majors to check out if you want to make a lot of money—without becoming an engineerEngineering degrees often top the rankings of best-paying college majors. Here are the top-paying degrees for students who want to pursue something else.
Read more »
38 Products Reviewers Say Got Them Compliments From Friends And StrangersIncluding a TikTok-famous $14 gemstone ring that looks and feels just like the ~real thing~.
Read more »
My Heatless Hair Secret to Achieving Curls That Last 7+ Days Is Just $14I’ve been using Tifara Beauty’s Heatless Flexible Hair Rollers for years to achieve heatless curls that last over a week, and they’re on sale for $14 at Amazon.
Read more »
This State-Of-The-Art Directional-Stimulus Prompt Engineering Technique For Generative AI Earns Bigtime Payoffs Via HintsA technique for prompt engineering known as directional stimulus prompting makes extensive use of hints to improve your generative AI results. Here's the scoop.
Read more »
On-The-Air (08/09/2023)It’s that time again on a Friday when Update At Noon presents another Update From The Coal-Face with Martin Creamer, publishing editor of Engineering News and Mining Weekly. The world is heading for a record shortage of platinum supply at a time when demand is rising considerably. South Africa’s bulk commodity miners are holding thumbs tighter than ever for better rail efficiencies. South Africa’s African Rainbow Minerals group is taking steps to generate its own clean electricity. Martin Creamer will be back at the Coal-Face at the same time next Friday.
Read more »