FMC Tech. (FTI) Wins $60M Contract for Eni's (E) Kitan Development
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FMC Technologies, Inc. (NYSE: FTI) announced today that it has received an award from Eni (NYSE: E) for the manufacture and supply of subsea equipment for its Kitan field development. The award has a value of approximately $60 million in revenue to FMC Technologies.
Located in approximately 1,000 feet (310 m) of water in the Timor Sea, the Kitan field is situated approximately 100 miles (170 km) off the East Timor coast and 300 miles (500 km) off the Australian coast. FMC's scope of supply includes three subsea production trees and all associated control systems and umbilicals. This engineering, procurement and construction project will be managed by FMC's Asia Pacific deepwater subsea organization. All equipment will be engineered and manufactured at FMC's operations in Singapore and Malaysia with deliveries projected to begin in 2010.
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