HOUSTON, Dec. 27, 2010 /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 Vigdis North-East development. The award has a value of approximately $75 million in revenue to FMC Technologies.
Vigdis North-East is a fast-track oil and gas field located in water depths of approximately 920 feet (280 meters) in the Norwegian sector of the North Sea. FMC's scope of supply includes the manufacture of four subsea trees, one manifold, subsea and topside control systems and an umbilical. The equipment will be based on a standard subsea solution designed by FMC for Statoil. Deliveries are scheduled to commence in the third quarter of 2011.
"This is the third fast-track award we've received from Statoil in 2010, joining Pan Pandora and Katla," said Tore Halvorsen, FMC's Senior Vice President of Global Subsea Production Systems. "FMC's proven standardized systems will reduce the time from discovery to production, and we are pleased to continue our support of this important strategy."
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 11,200 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.