Engineer-contractor giant cited project impacts and less-than-expected energy business earnings, but market watchers see key areas of growth next year.
Uncertain economic returns and duration of federal tax credits could delay or cancel project proposed by six oil firm majors, set to be the world’s largest, says energy sector research firm Wood Mackenzie.
The contractor does not "admit or deny" charges on legacy project accounting violations, says federal regulator, but it cooperated with financial reporting probe—as agency reached similar pact with former McDermott executives in June.
Project development, estimated to occur in the early-to-mid 2030s, will be based on design used in the U.S. Energy Dept. breakthrough effort last December that successfully demonstrated laser fusion power with energy gain.
Following state suit, judge issues TRO to keep concession and builders working on $2B rail project through mid-Sept. as delay liability talks continue.
