Consortium Stork GLT Receives NAM Contract.Business Editors PASADENA, Calif.--(BUSINESS WIRE)--Jan. 7, 2003 Jacobs Engineering Group Jacobs Engineering Group Inc. (NYSE: JEC), a publicly traded company with annual revenues approaching $7 billion, provides professional technical services. Headquartered in Pasadena, CA, Jacobs offers support to industrial, commercial, and government clients across multiple Inc. (NYSE NYSE See: New York Stock Exchange :JEC) announced today that Stork stork, common name for members of a family of long-legged wading birds. The storks are related to the herons and ibises and are found in most of the warmer parts of the world. GLT GLT Gestion Logistique et Transport (French) GLT Global Leadership Team GLT Golden Lion Tamarin GLT Großladungsträger (German) GLT Guided Light Transit GLT Grundlagentraining (Groningen Long Term), a consortium that consists of Jacobs (design), Stork Industry Services (construction and maintenance management), Siemens Demag Delaval Turbomachinery (compressors), Siemens (compressor compressor, machine that decreases the volume of air or other gas by the application of pressure. Compressor types range from the simple hand pump and the piston-equipped compressor used to inflate tires to machines that use a rotating, bladed element to achieve motors), and Yokogawa (instrumentation and automation), received a major follow-on contract from the Nederlandse Aardolie Maatschappij B.V. (NAM) to further renovate the Groningen gasfield, including the installation of compressors. The gasfield has 29 clusters (production installations with a total of 296 wells), 18 of which fall under this agreement. NAM expects to invest over $800 million on this 8-year project. NAM discovered the gasfield (Groningen field) in 1959 and started production in 1963. To date, they have extracted around 60 percent of the gasfield's product. Renovations are necessary because the production installations, which have now been in operation for an average of 30 years, are outdated and unable to completely meet future demand. In addition, gas production over many years has diminished the pressure in the gasfield making the installation of compressors necessary to maintain gas production rates. NAM Manager GLT Henk Niezen stated, "We have been very pleased with the Stork GLT consortium's work since we started working with them in 1996. The consortium has renovated the Tjuchem, Bierum, de Paauwen, and Siddeburen clusters and installed compressors at two of these, and work is now underway on the next six clusters. Not only has the consortium completed all work on schedule, it is also worth noting that the consortium has carried out over 2 million construction workhours without any lost-time incidents. This project ensures that the Groningen gasfield will continue to play a key role in providing gas supplies for the Netherlands over the coming decades." In making the announcement, Jacobs Group Vice President Robert Clement stated, "We have been a partner with NAM in the development of major onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. and offshore oil & gas fields in the Netherlands since the early 1960s. We are very pleased to continue the strategic partnership between our companies." Jacobs, with over 30,000 employees and revenues approaching $5.0 billion, provides technical, professional, and construction services globally. Any statements made in this release that are not based on historical fact are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Any forward-looking statements made in this release represent management's best judgement as to what may occur in the future. However, Jacobs' actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Forward-Looking Statements" included in Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial filed as part of Exhibit 13 to the Company's 2001 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion