Fluor Corp. Wins 3 Contracts Worth $200 Million : Deals: The company’s engineering subsidiary will perform all the jobs. Despite the news, Fluor stock slips.

Fluor Corp. on Tuesday announced that it has won three engineering and construction contracts worth a total of nearly $200 million.

The jobs include a $122-million expansion of a British paper mill, $25 million worth of design work for a municipal performing arts center in Sunnyvale, Calif., and a contract secured by Fluor’s Korean joint venture to build a silicon wafer manufacturing plant, a project that should bring Fluor about $50 million, spokeswoman Deborah Land said.

All three contracts were awarded to Fluor’s engineering subsidiary, Fluor Daniel Inc.

Despite the news, Fluor’s stock slipped 25 cents Tuesday in New York Stock Exchange trading, to close at $43.25. One analyst said the slump reflects investor worries that although the company’s revenue is growing, its fourth-quarter profits may be flat. In the fourth quarter of 1990, Fluor earned $40.7 million on revenue of $1.97 billion.

During the 1991 third quarter ended Sept. 5, Fluor announced new engineering and construction awards of $2.7 billion, up 32% from the same quarter last year. The company also said that backlogged work grew 16% to $11.1 billion during the quarter.

“The bigger concern is not whether or not they win contracts, because there is sufficient work at the company to keep revenues up and people working for a long time,” said Thomas O. Lloyd-Butler of Montgomery Securities, an investment banking firm in San Francisco.

“The stock is reflecting that the market as a whole wants the company to start making more profits, higher margins. . . .” Lloyd-Butler said. “At this point I don’t see a whole lot of growth in the fourth quarter.”

The Korean contract announced Tuesday was the first for AEC International Ltd. of Seoul, a new joint venture between Fluor Daniel and Posco Engineering Co. of Seoul. AEC will help build a $100-million silicon wafer plant near Chonan, South Korea, for Posco Huls Co. Ltd. of Germany.

In the British project, Fluor Daniel has been hired by Fort Sterling Ltd. to perform project and construction management and engineering for the expansion of a paper mill in Stubbins, England.

For the city of Sunnyvale, Fluor will provide architectural and engineering design and construction management for a 75,000-square-foot performing arts center to be completed in 1994, the company said.