Foster Wheeler AG
) recently announced that subsidiaries of its Global Engineering
and Construction Group received a contract from Apache Khalda
Corporation LDC. As per the contract, Foster will be providing
technical consultancy services to supervise the engineering,
procurement and construction (EPC) phase of the Qasr Compression
Project in Egypt. The EPC phase is expected to be completed in
the first quarter of 2015.
The financial details of the contract were not disclosed but
Foster will include the contract in its first quarter bookings.
Prior to this, Foster had initially provided its consultancy
services to Apache Khalda when the Qasr Compression Project was
in the front-end engineering design phase.
The scope of the contract also includes that Foster will
support Apache Khalda in the management and administration of the
EPC phase of the project as part of a joint project management
Foster Wheeler has more than 60 years of experience in
designing steam generator product range. Foster's Global E&C
Group's (Engineering and Construction) operating revenue (FW
scope) was $424 million, down 6.4% from $453 million in the
However, the segment reported a 130% surge in new orders
during the quarter. The increase was primarily attributable to
booking of a large PMC (project management consultancy) contract
for a clean fuels project in Kuwait. The segment ended the
quarter with a strong backlog of $2.2 billion.
Recently, the company's Global E&C Group received a
contract from Valero Energy Ltd, to provide support services to
Valero's Pembroke Refinery and other facilities in the UK.
Foster, currently has a Zacks Rank #5 (Strong Sell) and is not
a good option as of now. But some of the other players within the
same industry that can be considered are
AECOM Technology Corporation
Jacobs Engineering Group Inc.
Chicago Bridge & Iron (
, which currently have a Zacks Rank #2 (Buy).
AECOM TECH CORP (ACM): Free Stock Analysis
CHICAGO BRIDGE (CBI): Free Stock Analysis
FOSTER WHELR AG (FWLT): Free Stock Analysis
JACOBS ENGIN GR (JEC): Free Stock Analysis
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