FMC Technologies Awarded $70 Million Subsea Production System Contract for Statoil’s Fram H-Nord Development
HOUSTON, March 20, 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 Fram H-Nord development. The contract has a value of approximately $70 million in revenue to FMC.
FMC’s scope of supply includes one subsea production tree, one manifold and one multiphase meter. The Company will also supply an integrated template structure, one umbilical, two wellheads and additional controls and equipment. The Fram H-Nord field is located in the Norwegian sector of the North Sea in water depths of approximately 1,200 feet (360 meters). The equipment will be based on the standard fast-track subsea solution designed by FMC for Statoil. Deliveries are expected to occur throughout 2013.
“Fram H-Nord is the sixth fast-track project that we have been awarded from Statoil in the past two years,” said Tore Halvorsen, FMC’s Senior Vice President, Subsea Technologies. “We are pleased that Statoil continues to rely upon our experience and systems to support these projects and to increase oil recovery.”
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 14,200 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. 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 subsea equipment actually ordered pursuant to the agreement and the Company’s ability to successfully manufacture and deliver, and Statoil’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.