Jacobs Engineering Group Inc. (NYSE:JEC) announced today that it received a one-year contract extension from Saudi Arabian utility company Marafiq to continue providing project management contractor (PMC) services for its ongoing investment program in The Kingdom of Saudi Arabia.
Officials did not disclose the contract value.
Jacobs provides PMC services for a number of projects in Jubail and Yanbu industrial cities. The work includes conceptual design, front-end engineering, tender support, construction/commissioning supervision and other services necessary for successful capital program delivery. Projects involve expansions, upgrades and installations of wastewater treatment plants, desalination plants and electrical power generation facilities. Jacobs is performing the work on-site with support from its offices in Al Khobar, Saudi Arabia; Winnersh, United Kingdom; and Mumbai, India.
In making the announcement, Jacobs Group Vice President Mike Coyle stated, “Jacobs continues to grow in Saudi Arabia and Marafiq is an important part of that growth. We are fully committed to building a fully self-sufficient, In-Kingdom capability in Saudi Arabia.”Marafiq management stated, “This contract extension is recognition by Marafiq of the excellent support being extended to Marafiq by the Jacobs team in the execution of Marafiq projects. We recognize the value brought to our business through long-term relationships with companies like Jacobs.” Marafiq's core business is the development, operation and maintenance of power and water treatment systems to provide essential utility services for the industrial cities of Jubail and Yanbu in Saudi Arabia. Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services. Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2011 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.
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