FMC Technologies Awarded $150 Million Subsea Systems Contract for Greater Western Flank Phase 1 Project
HOUSTON, Jan. 9, 2012 /PRNewswire/ — FMC Technologies, Inc. (NYSE: FTI) announced today that its Australian subsidiary has signed an agreement with Woodside Energy Ltd. for the design, manufacture and supply of subsea production systems to support the Greater Western Flank (GWF) Phase 1 Project. The contract has a value of approximately $150 million in revenue to FMC Technologies.
The GWF Phase 1 Project will develop the Goodwyn GH and Tidepole fields, and represents the next major development for the Woodside operated North West Shelf Project. The GWF fields are located in water depths of 230 to 425 feet (70 to 130 meters). FMC’s scope of supply includes six subsea production trees, six wellheads, two manifolds, subsea and topside controls and flowline connection systems. Deliveries are expected to commence in the second half of 2012 and continue through 2013.
“Greater Western Flank becomes the most recent addition to the many Woodside projects that FMC supports under our existing frame agreement,” said Tore Halvorsen, FMC’s Senior Vice President, Global Subsea Production Systems. “Today’s announcement provides excellent opportunities for FMC as this project will continue to maximize the value of existing infrastructure and demonstrates additional investments in Australia’s largest resource project.”
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 2010, the Company has approximately 13,500 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 words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” and similar expressions, including the negative thereof, are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that any projected results or events will be achieved.
All of the Company’s forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company’s control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks and uncertainties include, but are not limited to, the Company’s ability to enter into additional projects with Woodside; or the Company’s ability to successfully manufacture and deliver, and Woodside’s acceptance of, the subsea systems ordered. For additional information regarding known material factors that could cause actual results to differ from projected results, please see the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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.
SOURCE FMC Technologies, Inc.