The Shaw Group (NYSE:SHAW) announced it has been awarded a contract to provide front-end engineering and design (FEED) for the replacement of two liquid storage tanks by Abu Dhabi Gas Liquefaction Company.
"The tanks are part of the ADGAS liquefied natural gas and liquefied petroleum gas facilities on Das Island, the center of storage and export operations for oil and gas extracted from the offshore fields of Abu Dhabi, United Arab Emirates. The tanks hold paraffinic naptha, a by-product of the island’s processing facilities. ADGAS is a subsidiary of Abu Dhabi National Oil Company (ADNOC), the company said in a press release.
Shaw is a leading competitive FEED contractor,” added Lou Pucher, president of Shaw’s Energy & Chemicals Group. “This award expands our credentials in the Middle East, which is an active region of projects for us today and a prominent part of our strategic plan for growth.”
Shaw Group was trading at $37.96, gaining $0.12, or 0.32 percent, as of 12:52 PM EDT.
Thursday, April 21, 2011
The Shaw Group (SHAW) Wins "FEED' Contract
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Shaw Group
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