It seems to be a great time for
) as the company scored yet another deal win. Close on the heels
of winning contracts in China, Iraq, Saudi Arabia and Norway, the
power and automation technology company has now secured a
$27-million order from Statoil for the upgradation of safety and
automation systems at the key Heimdal platform in North Sea, off
the Norway coast. The contract with Statoil was signed during the
second quarter of 2013. However, the financial details of the
transaction were not disclosed.
This is ABB's second deal win this very month in Norway. Last
week, ABB received an order from the Norwegian Transmission
System Operator, Statnett SF, wherein ABB will be responsible for
the construction of two 420 kilovolts (kV) transmission
According to the current agreement, ABB will be required to
upgrade certain parts of the safety and automation systems in
order to make the Heimdal platform safer and at the same time
more profitable. ABB is responsible for the complete engineering,
procurement, construction and installation. Post the upgradation,
the Heimdal platform will comprise ABB's modern 800xA Extended
Automation platform, which will be the main control system and
will be completely tailored to comply with Statoil's guidelines
for workstations layout and design of process graphic.
Heimdal platform is an offshore natural gas field in the
central North Sea. It gets gas from the Huldra, Oseberg, Skirne
and Vale fields and exports it via Vesterled or Statpipe
pipelines for processing. When operating at its full capacity,
the amount of processed gas in Heimdal contributes 15% to 20% of
Norway's total gas production.
ABB Ltd. has a Zacks Rank #3 (Hold). Some other players in the
same industry, which can be considered for buying are
Chicago Bridge & Iron
), both carrying a Zacks Rank #1 (Strong Buy). Another peer,
Emcor Group Inc
) is also a good pick and it carries a Zacks Rank #2 (Buy).
ABB LTD-ADR (ABB): Free Stock Analysis Report
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