FMC Technologies Awarded $322 Million Contract for Subsea Systems for BP's Shah Deniz Stage 2 Project
HOUSTON, April 14, 2014 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it has received an order from BP to supply subsea systems for its Shah Deniz Stage 2 project in the Caspian Sea. The order has an estimated value of $322 million in revenue.
FMC Technologies' scope of supply includes subsea manifolds, associated controls and connection equipment as well as key controls and connection components for subsea production trees. The Shah Deniz field is located in the Azerbaijan sector of the Caspian Sea, 43 miles (70 kilometers) southeast of Baku.
"This award culminates three years of pre-engineering work between FMC Technologies and BP on this project," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "This close cooperation will accelerate the transition to the manufacturing stage and enable reduced lead time delivering the project."
FMC Technologies, Inc. (NYSE: FTI) is a leading global provider of technology solutions for the energy industry. Named by Forbes® Magazine as one of the World's Most Innovative Companies in 2013, the Company has approximately 19,300 employees and operates 30 production facilities in 17 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 "estimated" 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 successfully deliver, and BP's acceptance of, the subsea products 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, 2013, 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.
SOURCE FMC Technologies, Inc.