Press release from PR Newswire
FMC Technologies Awarded $500 Million Subsea Tree Contract for Petrobras' Pre-Salt Fields
Wednesday, July 03, 2013
FMC Technologies Awarded $500 Million Subsea Tree Contract for Petrobras' Pre-Salt Fields08:00 EDT Wednesday, July 03, 2013
HOUSTON, July 3, 2013 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it has received an order from Petrobras (NYSE: PBR, PBRA), Brazil's national oil company, for the supply of subsea trees for its pre-salt fields, located offshore Brazil. The value of the award is estimated at $500 million and represents the call-off of the remaining value of the $1.5 billion agreement announced in March of 2012.
The order includes 49 subsea trees, tooling, and associated subsea controls. The trees are scheduled to be installed in multiple pre-salt fields for both production and injection wells. The equipment will be designed and manufactured at FMC Technologies' facilities in Brazil.
"This is the second order for subsea trees under the contract signed in 2012," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "FMC Technologies has been working with Petrobras for more than 30 years and we are pleased to support them in the continued development of their pre-salt fields."
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 2012, the Company has approximately 18,900 employees and operates 30 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. The word "estimated" and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ from those in the forward-looking statements include the Company's ability to successfully deliver, and Petrobras' acceptance of, the subsea products ordered . For additional information regarding known material factors that could cause actual results to differ from projected results, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2012, as well as its other filings with the Securities and Exchange Commission. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any of its forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
SOURCE FMC Technologies, Inc.
For further information: Investors: Bradley Alexander, (281) 260-3665, or Media: Lisa Albiston, (281) 931-2513 and Patrick Kimball, (281) 405-6178