By Stephen Nakrosis
Emerson Electric Co. said Tuesday it was awarded a $14 million contract to provide automation technologies on a new offshore oil platform in the Caspian Sea.
The company said it will provide "software and project expertise" to the new Azeri Central East offshore platform in the Caspian Sea, the latest development in the Azeri-Chirag-Deepwater Gunashli oilfield, and enable an "expedited timeline and on-time start for new BP-operated platform."
Emerson said it will be the main automation contractor, "providing its Project Certainty methodologies and digital technologies that transform capital project execution to help BP bring this fast-track project onstream in 2023."
Emerson shares rose 0.9% to $70.53.
Jim Nyquist, group president for Emerson's systems and software business, said: "This latest project builds on the successful collaboration between BP and Emerson on the West Chirag and Shah Deniz Stage 2 developments."
--Write to Stephen Nakrosis at email@example.com
(END) Dow Jones Newswires