) has been awarded a contract by A/S Norske Shell to provide
integrated service and support solutions for the Draugen offshore
oil platform and the adjacent Ormen Lange onshore gas processing
plant on the west coast of Norway.
The contract spans for 9 years and is valued at $260 million.
The terms of the agreement also includes the option of two
consecutive 2-year contracts covering both the oil and gas
fields, along with the provision for future expansions,
collaborations and upgrade.
Prior to this, ABB was awarded a contract by A/S Norske Shell
in 2007, whereby ABB generated annual savings for five
consecutive years. ABB has a technical expertise in the oil and
gas sector and has successfully worked on a number of projects.
The scope of this contract involves the system's
assimilation across the electric, instrument, control and
Earlier in Feb 2013, ABB received a contract to extend the
export terminal of the Eni (Italian energy company) refinery in
Taranto. Moving ahead, ABB believes that both the emerging
markets and the mature markets will be a significant growth
This is due to rising investments in energy globally benefits
the company, leveraging the company's growth initiatives from its
key global investments. Industrial, utility and energy markets
are expected to rapidly expand further and the industrializing
economies will help to offset some of the declines in the already
Based in Zurich, Switzerland, ABB Ltd. is a power and
automation technology company and currently has a Zacks Rank #2
(Buy). One of the company's competitors, which is worth
considering at this moment is
), which also has a Zacks Rank #2 (Buy). Another competitor,
Emerson Electric Company
) is good pick despite it being a Zacks Rank #3 stock, given the
company's performance and the number of new orders it is
ABB LTD-ADR (ABB): Free Stock Analysis Report
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