) received three telecom contracts, from leading ship yards in
South Korea. The scope of the contracts primarily requires ABB to
provide reliable telecommunication systems for safe and efficient
offshore operations for three Statoil projects on the Norwegian
The three orders, valued at $60 million, were booked in the
fourth quarter of 2013 and first quarter of 2014. ABB expects to
complete work on all these contracts by 2015.
Telecommunication systems essentially comprise of components
including computer networks, surveillance equipment, radio
systems, meteorological services, radar systems, aeronautical
navigation and a wide range of communication-based safety
systems. ABB has integrated products and systems to provide a
complete telecommunications solution customized to Statoil's
requirements concerning design and documentation.
Per the contract, ABB will primarily be the system integrator
of telecommunications on the offshore installations on Statoil
projects on the Norwegian Continental Shelf. The company has
about three decades of expertise in managing telecommunication
deliveries to the global oil and gas industry. Through these
contracts, ABB has further strengthened its position as the
leading supplier of telecommunication systems to the global oil
and gas industry.
Based in Zurich, Switzerland, ABB is a leader in power and
automation technologies that enable utility and industry
customers to improve performance while lowering negative impacts
on the environment.
ABB currently holds a Zacks Rank #5 (Strong Sell). However,
other stocks which are worth considering at the moment are
Quanta Services, Inc
AECOM Technology Corp
), all of which carry a Zacks Rank #2 (Buy).
ABB LTD-ADR (ABB): Free Stock Analysis Report
AECOM TECH CORP (ACM): Free Stock Analysis
QUANTA SERVICES (PWR): Free Stock Analysis
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