FMC Technologies, Inc. (NYSE:FTI) announced today that it has signed a
five-year agreement with ConocoPhillips Scandinavia AS for the supply of
subsea equipment and services for a water injection development in the
Ekofisk field. The development is a replacement of the existing Ekofisk
2/4 W injection platform at the southern part of the Ekofisk Complex.
The contract, valued at approximately $120 million, includes the project
management, engineering, procurement, manufacture and delivery of subsea
equipment and offshore support services for eight subsea trees. The
contract also has an option for an additional seven subsea trees and
future provisions for up to a total of fifty subsea trees.
Ekofisk is an oil and gas field located in the southern portion of the
Norwegian North Sea in approximately 230 feet (70 meters) of water. FMC
Technologies’ scope of supply includes subsea
water injection trees, wellheads, templates, associated control systems
with a hydraulic power unit, 4-slot hosts, tie-in and connection
equipment, an umbilical, sea line protection equipment, completion tools
and services. The equipment will be manufactured at FMC’s
operations in Kongsberg, Norway and Dunfermline, Scotland, with initial
deliveries expected to commence in early 2009.
"Ekofisk has been a significant producer of
oil and gas in Europe since the field was first developed,”
said Tore Halvorsen, FMC Technologies' Senior Vice President of Global
Subsea Production Systems. "Our relationship
with ConocoPhillips goes back many years and includes supplying
approximately 250 surface trees and other equipment. We welcome the
opportunity to continue working with ConocoPhillips and their
Ekofisk-partners with this important subsea project for increased oil
recovery.” FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of
technology solutions for the energy industry and other industrial
markets. The Company 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. The Company also produces food processing
equipment for the food industry and specialized equipment to service the
aviation industry. Named by FORTUNE Magazine as America’s
Most Admired Oil and Gas Equipment, Service Company in 2005, 2006 and
2008, FMC Technologies employs approximately 13,000 people and operates
33 manufacturing facilities in 19 countries. For more information
visit www.fmctechnologies.com.
This release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are information of a non-historical nature and are subject to
risks and uncertainties that are beyond the Company's ability to
control. These risks and uncertainties are described under the caption "Risk
Factors” in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2007 and may
be modified in subsequent quarterly reports filed by the Company with
the Securities and Exchange Commission that may be accessed on the
Company’s website. The Company cautions
shareholders and prospective investors that actual results may differ
materially from those indicated by the forward-looking statements.
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