FMC Tech (FTI) Unit Signs $325M Subsea Production Agreement with Chevron (CVX) Unit
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FMC Technologies, Inc (NYSE : FTI) announced today that its Australian subsidiary has signed an agreement with Chevron Australia Pty Ltd for the design, manufacture and supply of subsea production systems to support the Wheatstone Project. The contract has an approximate value of $325 million in revenue to FMC Technologies.
The Chevron-operated Wheatstone Project comprises the Wheatstone and Iago gas fields, located offshore Western Australia in water depths between 330 and 850 feet (100 to 260 meters). FMC's scope of supply includes 11 subsea production trees, 11 wellheads, three manifolds, subsea and topside controls and well access systems. The equipment will be supplied from FMC's Asia-Pacific operations, with deliveries scheduled to commence in 2013.
The Chevron-operated Wheatstone Project comprises the Wheatstone and Iago gas fields, located offshore Western Australia in water depths between 330 and 850 feet (100 to 260 meters). FMC's scope of supply includes 11 subsea production trees, 11 wellheads, three manifolds, subsea and topside controls and well access systems. The equipment will be supplied from FMC's Asia-Pacific operations, with deliveries scheduled to commence in 2013.
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