A subsidiary of
Foster Wheeler AG
) Global Engineering and Construction Group has recently inked a
Master Service Agreement with Enterprise Products Operating LLC,
a subsidiary of Enterprise Products Partners L.P. Foster will be
providing services for multiple projects that will be awarded in
a release arrangement. The bookings will be recorded by Foster as
and when it receives the orders.
The scope of the contract primarily involves supporting
Enterprise Products Operating's North American capital project
program. Enterprise is a leading U.S. midstream company. It
primarily processes, transports and/or fractionates natural gas,
natural gas liquids, crude oil and refined products.
Prior to this, Foster had received a contract from OJSC
Gazpromneft Moscow Refinery, for its Combined Oil Refinery Unit
(CORU) Project. Foster Wheeler had also received a contract for
the process design package for Moscow refinery's crude and vacuum
distillation units and the gas plant.
Foster Wheeler has more than 60 years of experience in
designing steam generator products. Foster's Global E&C
Group's (Engineering and Construction) operating revenue (FW
scope) was $588 million in 1Q13, down 12.4% from $671 million in
the prior-year period. The segment reported a 30% decline in new
order bookings during the first quarter.
Foster Wheeler currently has a Zacks Rank #2 (Buy). Other
companies that are also worth considering at the moment include
Willdan Group Inc
Orion Marine Group Inc
). Both have a Zacks Rank #1 (Strong Buy). In addition,
Chicago Bridge & Iron
) is also a good option at the moment with a Zacks Rank #2
CHICAGO BRIDGE (CBI): Free Stock Analysis
FOSTER WHELR AG (FWLT): Free Stock Analysis
ORION MARINE GP (ORN): Free Stock Analysis
WILLDAN GROUP (WLDN): Get Free Report
To read this article on Zacks.com click here.