FMC Tech (FTI) Enters $200M Agreement with Statoil (STO) for Gullfaks South Field Development Equipment

July 5, 2012 8:04 AM EDT Send to a Friend
FMC Technologies, Inc. (NYSE: FTI) announced today that it has signed an agreement with Statoil (NYSE: STO) for the manufacture and supply of subsea production equipment to support the Gullfaks South field development. The contract has an estimated value of $200 million in revenue to FMC Technologies.

Gullfaks South will be developed as a fast-track project in blocks 34/10 and 33/12 in the North Sea, in water depths between 425 and 720 feet (130-220 meters). FMC's scope of supply includes seven subsea production trees, seven wellhead systems, two integrated protection structures with manifolds, and additional controls and equipment. The systems will be supplied from the Company's operations in Norway and Scotland with deliveries scheduled to begin in the second quarter of 2013.


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