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Fortescue super-sizes dividends

Andrew ‘‘Twiggy’’ Forrest will crown his $3.1 billion comeback by pocketing $125 million in dividends from iron ore miner Fortescue Metals Group, which says its record payout is a sign of things to come. The Fin


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CIMIC Group had their priced bid based on initial scope of work and specifications from Chevron. After the commencement of work, Chevron (the company) has changed scope of work, specifications and requirements which i.e. Variation order or change order to the contractor (CIMIC) that will make the contractor change his cost evaluation. It is a straight forward EPC project procedure. Hence, CIMIC will win the case in court and another $1.42bn plus $ 500m of interest will add up to the overrun cost of this troubled project. Chevron had suffered huge cost overrun in its all LNG projects around the word in the last decay and scored a historical failure in its Soyo LNG project and Gorgon LNG project which made the executive vice president of technology & projects Mr. Joseph Geagea to declare the company design defects in its LNG projects when he said " We're going to focus on design and engineering. We're going to ensure those designs. So, this is the problem that made chevron suffer in the last decay and what is been said by Mr. Geagea could be used in court in favor of CPB in their claim against chevron as it is a declaration from the company of its design defect.

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