FMC Technologies Awarded $200 Million Subsea Equipment Contract for Statoil's Gullfaks South Field Development

Published on Thursday, 05 July 2012 08:19 Written by TradersHuddle Staff

HOUSTON, July 5, 2012 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it has signed an agreement with Statoil for the manufacture and supply of subsea production equipment to support the Gullfaks South field development. The contract has an estimated value of $200 million in revenue to FMC Technologies.

Gullfaks South will be developed as a fast-track project in blocks 34/10 and 33/12 in the North Sea, in water depths between 425 and 720 feet (130-220 meters). FMC's scope of supply includes seven subsea production trees, seven wellhead systems, two integrated protection structures with manifolds, and additional controls and equipment. The systems will be supplied from the Company's operations in Norway and Scotland with deliveries scheduled to begin in the second quarter of 2013.

"Statoil has made significant technology investments for Gullfaks, which is Europe's largest fixed-platform subsea tie-back development," said Tore Halvorsen, FMC's Senior Vice President, Subsea Technologies. "We are pleased to continue supporting their efforts to increase recovery and extend the life of this important field."

FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World's Most Admired Oil and Gas Equipment, Service Company in 2012, the Company has approximately 14,900 employees and operates 27 production facilities in 16 countries. FMC Technologies designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. For more information, visit www.fmctechnologies.com.

This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995.  The word "scheduled" and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.  Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.  Known material factors that could cause our actual results to differ from those in the forward-looking statements include the Company's ability to enter into additional projects with Statoil, the amount of equipment actually ordered pursuant to the agreement and the Company's ability to successfully manufacture and deliver, and Statoil's acceptance of, the systems ordered.  For additional information regarding known material factors that could cause actual results to differ from projected results, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2011, as well as its other filings with the Securities and Exchange Commission.  The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof.  The Company undertakes no obligation to publicly update or revise any of its forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. 

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SOURCE FMC Technologies, Inc.