More Contracts in JEC List - Analyst Blog
December 19 2011 - 3:30AM
Zacks
Jacobs Engineering Group
Inc. (JEC) has recently been awarded a contract from a
premier real estate development, management and investment company
in the United Arab Emirates, named Aldar. The contract entails JEC
to provide project management support services for the construction
of a new retail mall at Yas Island in Abu Dhabi.
The development of 2.53
million square feet (235,000 square meters) "Yas Mall
Project," is a key landmark for the expansion of the leisure and
entertainment destination in Abu Dhabi. Jacobs will be executing
the project management support services from its offices in Abu
Dhabi. The value of the contract is estimated at $8 million and is
expected to be completed in 2014.
Under the terms of the contract,
JEC will provide construction management; design and leasing change
coordination; project controls; logistics coordination;
coordination of site, project health, safety, security and
environment (HSSE) and quality; and implementation of all
associated systems, processes and procedures on behalf of Aldar.
On the other hand, Jacobs announced
receipt of a framework contract from Gassnova SF for its "CO2
Capture Mongstad (CCM) Project" at the Mongstad Refinery site
in Norway. Jacobs, the sole provider of engineering and technical
assistance services for the framework contract, will be executing
the project from its office in Leiden, The Netherlands.
Jacobs will be providing
engineering and technical assistance services to support the
installation of a large-scale carbon dioxide (CO2)
capture plant for a combined heat and power (CHP) plant at the
refinery. The work involves individual call-off contracts including
feasibility and concept studies, 3D modeling, interface
coordination, detailed engineering and construction plans, health,
safety and environmental (HSE) management and HSE engineering
activities with a site-wide noise control strategy, and cost
estimates.
The CCM Project, planned to meet
Norway's rigorous standards for health, safety and environmental
management, is at an early development stage funded by the
Norwegian State and being undertaken by a joint venture between
Gassnova SF and Statoil ASA. The contract value has not yet been
disclosed.
Jacobs’ worldwide ever-increasing
presence is thus a splendid indication of its strong growth
trajectory in the infrastructure market across the globe. This has
also been winning investor confidence over time and is expected to
continue with such outlook in future. The company directly competes
with its peers, viz. Fluor Corporation (FLR) and
Foster Wheeler AG (FWLT).
We currently hold a Neutral
recommendation on the stock. Jacobs has a Zacks #2 Rank, implying a
short-term (1-3 months) Buy rating.
FLUOR CORP-NEW (FLR): Free Stock Analysis Report
FOSTER WHELR AG (FWLT): Free Stock Analysis Report
JACOBS ENGIN GR (JEC): Free Stock Analysis Report
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