Fluor Corporation (FLR)'s Fluor Offshore Solutions unit has received a front-end engineering and design (FEED) contract from Abu Dhabi Marine Operating Company (ADMA-OPCO). The contract is for new offshore facilities located at the Nasr Field about 30 kilometers northeast of Umm Shaif Super Complex in Abu Dhabi, United Arab Emirates (UAE). The contract value is undisclosed. The third-quarter 2011 bookings of Fluor include this contract.
Fluor has earlier worked with Abu Dhabi National Oil Company (ADNOC) and its operating companies. The new contract signifies Fluor’s good work. Within the last 18 months, Fluor has been awarded three major Arabian Gulf offshore projects, including the current one.
Seven wellhead towers, super complex facilities, which will have gas processing and oil separation production facilities, utilities platform, living quarters, infield subsea pipelines and a pipeline connecting to Das Island will be included in the Nasr Full Field Development Project. The FEED on the project has already been initiated Fluor’s offices in Houston and Abu Dhabi.
Acting through its subsidiaries, Fluor Corporation is one of the largest professional services firms, providing engineering, procurement, construction and maintenance as well as project management services on a global basis. It serves a diverse set of industries worldwide including oil and gas, chemical and petrochemicals, transportation, mining and metals, power, life sciences and manufacturing. It is also a primary service provider to the U.S. federal government. The company’s prime competitor is Jacob’s Engineering Group (JEC).
We continue to maintain a Neutral recommendation on Fluor Corporation. The stock retains a Zacks #3 Rank (Hold Rating) over the next one-to-three months.
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