Recently, ABB Ltd (ABB) 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 Continental Shelf.
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. (PWR), Enersys Inc. (ENS) and AECOM Technology Corp. (ACM), all of which carry a Zacks Rank #2 (Buy).
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment