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Honeywell Process Solutions, a part of Honeywell International Inc. (HON - Analyst Report), recently announced its decision to upgrade process control and alarm management systems at the Molikpaq platform on the Sakhalin shelf, Russia. However, the upgrade announcement seemed to fail to cheer investors’ sentiment and the share price dropped marginally on Aug 1.

The Molikpaq platform – an off-shore stationary platform owned by Sakhalin Energy Investment Co. Ltd. -- produces 48,000 barrels of crude oil per day. To improve safety, reliability and operational efficiency, Honeywell has designed innovative solutions to help operators work in harsh weather conditions and improve the overall business performance.  Also, the installation of Honeywell’s DynAMo Alarm Suite is likely to reduce the overall alarm count by 80% and identify all critical and maintenance issues at the site.

With the adoption of Honeywell’s Experion Process Knowledge system (PKS), the operators will be able to effectively manage the Molikpaq platform, improve operational flexibility, take informed decisions and resolve the challenges faced. The advanced automation system by Honeywell is likely to improve the overall productivity of the Molikpaq platform.

Honeywell is a global diversified technology and manufacturing company with a wide range of aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals and energy efficient products and solutions for homes, business and transportation.

Honeywell currently has a Zacks Rank #3 (Buy). Other stocks that look promising and are worth a look are Macquarie Infrastructure Co. LLC (MIC - Snapshot Report), Noble Group Ltd. (NOBGY) carrying a Zacks Rank #1 (Strong Buy) and Federal Signal Corp. (FSS - Snapshot Report), carrying a Zacks Rank #2 (Buy).

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