Petrobras Awards FMC Technologies $400 Million Subsea Tree Frame Agreement
February 04 2010 - 8:00AM
PR Newswire (US)
HOUSTON, Feb. 4 /PRNewswire-FirstCall/ -- FMC Technologies, Inc.
(NYSE: FTI) announced today that it has signed a four-year subsea
tree frame agreement with Petrobras (NYSE:PBRNYSE:PBRA), Brazil's
national oil company. The award is expected to result in
approximately $400 million in revenue to FMC Technologies if all of
the subsea equipment included in the agreement is ordered. The
agreement provides assurance that at least 70 percent of the
contractual value will be ordered by Petrobras during the
agreement's four-year call-off period. (Logo:
http://www.newscom.com/cgi-bin/prnh/20081222/LAM028LOGO) FMC's
scope of supply includes the manufacture of up to 107 subsea trees
and related tools designed for use offshore Brazil in water depths
of 6,500 feet (2,000 meters). All systems and equipment will be
engineered and manufactured at FMC's facility in Rio De Janeiro,
Brazil. Deliveries are scheduled to commence in 2012. "FMC values
its long and productive relationship with Petrobras," said John
Gremp, Executive Vice President of FMC Technologies. "Prior to this
agreement, Petrobras had awarded more than 300 subsea trees to our
operations in Brazil, and we are pleased to continue supporting
their ongoing deepwater developments." FMC Technologies, Inc.
(NYSE:FTI) is a leading global provider of technology solutions for
the energy industry. The Company has approximately 10,400 employees
and operates 19 manufacturing facilities in 14 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
http://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, 2008 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.
http://www.newscom.com/cgi-bin/prnh/20081222/LAM028LOGO
http://photoarchive.ap.org/ DATASOURCE: FMC Technologies, Inc.
CONTACT: Investors, Rob Cherry, +1-281-591-4560, or Media, Ellen
Bates, +1-281-445-6559, or Michael King, +1-281-931-2540, all of
FMC Technologies, Inc. Web Site: http://www.fmctechnologies.com/
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