Emerson awarded $33M contract to upgrade automation on Statoil platform Statoil has awarded Emerson Process Management, a business of Emerson, a $33M contract to upgrade safety and automation systems on the Visund oil platform in the Norwegian North Sea. Previously selected by Statoil as one of its preferred automation and safety suppliers, Emerson will provide integrated safety and automation systems to help the international energy company boost oil recovery and extend the life of the field while also reducing operating costs and minimizing safety and environmental risks.
Emerson downgraded at BofA/Merrill As previously reported, BofA/Merrill downgraded Emerson to Underperform from Neutral. The firm reduced forecasts below consensus based on expectations Process organic growth will decline in 2016 and 2017 and pressure the stock multiple. Price target lowered to $62 from $66.