Press release from PR Newswire
FMC Technologies Awarded Contract for 16 Subsea Manifolds for Petrobras' Pre-Salt Fields
Tuesday, September 10, 2013
FMC Technologies Awarded Contract for 16 Subsea Manifolds for Petrobras' Pre-Salt Fields08:00 EDT Tuesday, September 10, 2013
HOUSTON, Sept. 10, 2013 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it has signed an agreement with Petrobras, Brazil's national oil company, for the supply of subsea manifolds for its pre-salt fields, located offshore Brazil. The total scope of supply includes the delivery of up to 16 subsea manifolds and would result in approximately $650 million in revenue to FMC Technologies if all of the subsea equipment included in the agreement is ordered.
The initial order from the agreement includes 11 manifolds, tools and controls. This order is in addition to the three subsea manifolds of identical design ordered by Petrobras earlier this year. The equipment will be engineered and manufactured in Brazil with delivery scheduled to begin in 2015.
"This is the fourth award that FMC Technologies has received from Petrobras for its pre-salt fields," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "We have made significant investments in our Brazilian operations to meet Petrobras' needs and to provide greater local content in relation to these projects."
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, Media: Lisa Albiston (281) 931-2513, Patrick Kimball (281) 405-6178