HOUSTON, June 28 /PRNewswire-FirstCall/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it has signed a four-year subsea manifold frame agreement with Petrobras (NYSE: PBR, PBRA), Brazil's national oil company. The award is expected to result in approximately $300 million in revenue to FMC Technologies if all of the subsea equipment included in the agreement is ordered. The agreement provides assurance that a minimum of 75 percent of the contracted equipment will be ordered during the contract's four-year call-off period.
FMC's scope of supply includes the manufacture of up to eight subsea manifolds with subsea multiplex control systems. All equipment will be engineered and manufactured at FMC's facility in Rio de Janeiro, Brazil. Deliveries are scheduled to commence in 2012.
"In February, Petrobras awarded FMC a long-term subsea tree frame agreement," said John Gremp, FMC's President and Chief Operating Officer. "Today's four-year manifold agreement further strengthens our ability to support their ongoing and future activities, including deepwater and pre-salt developments."
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.