LONDON, UK / ACCESSWIRE / September 22, 2016 / Active Wall St. blog coverage looks at the headline from Jacobs Engineering Group Inc. (NYSE: JEC) as the company announced on September 21, 2016, that it has bagged a contract from Singapore Refining Company Private Ltd. (SRC) for an upgrade project at SRC's refinery located at Jurong Island, Singapore. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
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The Contract
The contract is for the upgrade of SRC's naphtha splitter unit, naphtha hydro-treating unit and catalytic reformer unit, wherein Jacobs will offer its expertise for concept definition (pre-FEED) and front-end engineering design (FEED) services. However, the technical specifications of the project were not shared by either party. The financial value and terms of the contract were also not disclosed. The press release by Jacobs shared that it is applying a multi-office execution approach for the delivery of its services.
Commenting on the development, Vinayak Pai, Senior Vice President and General Manager- Petroleum and Chemicals India/Asia of Jacobs said:
"This project further strengthens our longstanding relationship with SRC, and we are excited about the opportunity to contribute value to this strategically important project at Jurong Island, the petrochemical hub of Singapore."
About Singapore Refining Company Private Limited
The Singapore Refining Company Private Limited is a joint venture between Singapore Petroleum Company and Chevron Corp. (NYSE: CVX) via its companies in Singapore Chevron Singapore Pte. Ltd and Chevron Trading Pte. Ltd. It operates a refinery at the petrochemical hub of Singapore - Jurong Island that has a processing capacity of 290,000 barrels of crude oil per day. Products from SRC include liquefied petroleum gas, chemical naphtha, motor gasoline, kerosene, jet fuel, diesel, low sulphur fuel oil, bunker fuel oil, asphalt and sulphur.
About Jacobs Engineering Group
Jacobs is one of the world's largest and most diverse providers of technical professional and construction services with a global network of over 230 offices in more than 30 countries.
As part of its reorganisation in Q2 2016 and to streamline operations more proficiently, Jacobs' business was segregated around four lines of business - Petroleum & Chemicals, Buildings & Infrastructure, Aerospace & Technology, and Industrial. Recently, Jacobs had won the contract to provide project management services for EDF Energy's Hinkley Point C nuclear power station project in UK. On September 13, 2016 Jacobs had signed a contract with INEOS Oligomers to design and build a large linear alpha olefin (LAO) unit at the INEOS petrochemical complex in Chocolate Bayou, Texas. On September 09, 2016, Jacobs had won a sub-contract from the Gateway South Consortium, for offering services in the Darlington Upgrade project – a major South Australian transport project in Adelaide, Australia.
Stock Performance
Shares of Jacobs were on an upswing after being under pressure in the last quarter. On Wednesday, September 21, 2016, Jacobs Engineering's shares were up 1.46%, finishing the day at $50.64 with volume of 560.96 thousand shares exchanging hands by the close of the trading session. For the last six months, the stock has gained 15.99%. Furthermore, on a year to date basis, the stock gained 20.72%. Shares of the company have a PE ratio of 29.22.
Chevron's share price finished yesterday's trading session at $99.63, advancing 1.98%. A total volume of 6.35 million shares exchanged hands. The stock has gained 8.71% and 35.01% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the company rose 14.53%. The stock has a dividend yield of 4.30%.
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