ABB Ltd. (ABB) received a $25 million contract for AC subsea power cables from Statoil. The power cables will be deployed in the offshore gas platform, Troll A, located at about 70 kilometers off the west coast of Norway. This is the world’s largest offshore gas platform. Booking on the order started in the fourth quarter of 2011.
ABB will be supplying 69 kilometers of 3-core cable with integrated fiber optics, accessories and joints providing a clean and a energy efficient source of power. The project is expected to be completed in 2014.
In October 2011, ABB had received a $270 million contract for the same platform to supply and install compressor drive systems, HVDC converters and DC cables. The Troll A concrete deep water structure is the tallest construction by mankind till date.
Based in Zurich (Switzerland), ABB Ltd. is a global provider of power and automation technologies that enable utility and industry customers to improve performance, while lowering environmental impact. The company serves electric, gas, and water utilities, as well as industrial and commercial customers, with a broad range of products, systems, and services for power transmission, distribution, and power plant automation. The company operates in approximately 100 countries, structuring its global organization into five regions: Europe, Americas, Asia, the Middle East and Africa. A major competitor of ABB Ltd. is Siemens AG (SI).
Currently, we are maintaining a Zacks #4 Rank (short-term Sell recommendation) on ABB Ltd.
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