HOUSTON, June 21 /PRNewswire-FirstCall/ -- 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 Pan Pandora field. The award has a value of approximately $70 million in revenue to FMC Technologies.
Pan Pandora is an offshore oil and gas field located in water depths of approximately 950 feet (290 meters) in the Norwegian sector of the North Sea. Today's award also includes options for the supply of subsea production systems for three additional fields. All equipment will be based on a subsea standard solution designed by Statoil and FMC.
FMC's scope of supply for Pan Pandora includes the manufacture of four subsea production trees, wellheads, choke modules and subsea control modules. FMC will also supply one manifold structure and associated tools and control systems. The equipment will be manufactured and assembled at FMC's facilities in Scotland and Norway. Deliveries are scheduled to commence in the second quarter of 2011.
"We value our strong relationship with Statoil and are pleased to support Statoil's fast-track strategy," said Tore Halvorsen, FMC's Senior Vice President of Global Subsea Production Systems. "FMC's experience and success in delivering standardized solutions will help Statoil meet its goal of reducing the time it takes to achieve first oil by approximately 50 percent."
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 10,400 employees and operates 25 production facilities in 15 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. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control. These risks and uncertainties are described under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2009 and may be modified in subsequent quarterly reports filed by the Company with the Securities and Exchange Commission that may be accessed on the Company's website. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements.
SOURCE FMC Technologies, Inc.