Press release from PR Newswire
FMC Technologies Awarded $130 Million Subsea Separation and Boosting Contract for Petrobras' Congro and Corvina Fields
Tuesday, May 03, 2011
FMC Technologies Awarded $130 Million Subsea Separation and Boosting Contract for Petrobras' Congro and Corvina Fields16:01 EDT Tuesday, May 03, 2011HOUSTON, May 3, 2011 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it has been awarded a contract by Petrobras (NYSE: PBR, PBRA) to supply two subsea separation and boosting systems for the Congro and Corvina fields, located offshore Brazil in the Campos Basin. The contract has a value of approximately $130 million in revenue to FMC Technologies.(Photo: http://photos.prnewswire.com/prnh/20110503/DA94702)In addition to a subsea gas/liquid separation and boosting system for each field, FMC's scope of supply includes two subsea manifolds that will each perform production and gas lift injection for 10 wells. Other equipment includes two subsea boosting module stations, pipeline tie-in equipment and subsea control systems. The control system incorporates an innovative subsea robotics technology, designed by Schilling Robotics, to operate the manifold and separation station valves. The equipment will be engineered and manufactured at FMC's facilities in Rio de Janeiro, Brazil.The Congro and Corvina project is FMC's fourth implementation of subsea processing technologies in Brazil, following phases I and II of Shell's Parque das Conchas (BC-10) field, and the state-of-the-art heavy oil separation and water re-injection system for Petrobras' Marlim field. "The significance of this project is it will allow demobilization of one existing production platform and replace it with two subsea separation systems," said Tore Halvorsen, FMC's Senior Vice President of Global Subsea Production Systems. "This is a major milestone for subsea processing technologies and opens a new and attractive alternative solution to extend the life of mature fields and increase oil recovery."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 12,000 employees and operates 27 production facilities in 16 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, 2010, 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. (Logo: http://photos.prnewswire.com/prnh/20081222/LAM028LOGO)SOURCE FMC Technologies, Inc.For further information: Investors, Bradley Alexander, +1-281-260-3665, or Media, Ellen Bates, +1-281-445-6559, both of FMC Technologies, Inc.