Jacobs Engineering receives contract for new thermal oil facility
Jacobs Engineering Group received a contract from a major oil and gas company for engineering of its thermal facility located near Lac la Biche, Alberta, Canada. Officials did not disclose the contract value. Jacobs will perform EDS and detailed engineering and procurement services for the 40,000 barrel-per-day in-situ oil sands central processing facility. Engineering activities will begin in December 2009 with 40 percent or more of the engineering executed from Jacobs' Mumbai, India, office. :theflyonthewall.com
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MOST NOTEWORTHY: Jacobs Engineering (JEC), Colonial Properties (CLP) and Duke Energy (DUK) were today's noteworthy downgrades: Jacobs Engineering was downgraded to Sell from Neutral at Goldman. The firm lowered its target to $33 from $39. Colonial Properties was downgraded to Sector Perform from Outperform at RBC Capital. The firm cut its target to $12 from $13. Duke Energy was lowered to Sell from Hold at Stifel Nicolaus...OTHER DOWNGRADES: K-Sea Transportation (KSP) was downgraded at Barclays to Equal Weight from Overweight. Advanced Micro (AMD) was downgraded to Conviction Sell from Sell at Goldman. Brandywine Realty (BDN) was downgraded to Hold from Buy at Stifel Nicolaus. :theflyonthewall.com
As reported previously, Goldman downgraded Jacobs Engineering to Sell from Neutral. The downgraded was based on expectations for weak awards and margin pressure. Target to $33. :theflyonthewall.com
Jacobs Engineering Group was selected by Humberside Police to serve as Design Partner for the development of a new Centralized Custody Suite and Divisional Headquarters building in the City of Kingston upon Hull. Jacobs did not disclose the terms of the transaction. :theflyonthewall.com
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