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FMC Technologies (FTI) Receives Subsea Equipment Order For Statoil's Snorre Field

 December 26, 2012 09:42 AM
 


(By Balaseshan) FMC Technologies Inc. (NYSE: FTI), which manufactures and services subsea production and processing systems, said it has received subsea equipment order worth $33 million for Statoil's Snorre field.

The company has signed an agreement with Statoil (STO) for the supply of additional subsea equipment for the Snorre field. The order has an estimated value of $33 million in revenue.

Under the terms of the agreement, FMC Technologies will provide 10 production risers and tieback connectors. The equipment is scheduled for delivery in 2015.

"FMC Technologies has been providing subsea equipment for the Snorre development for more than 20 years. We are pleased to continue to provide equipment and systems that help Statoil with their ongoing development of this field," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies.

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On December 13, the company said it has signed a deal with PT Rajawali Swiber Cakrawala (PTRSC) for the manufacture and supply of subsea controls for the South Belut field development. The order has an estimated value of $40 million in revenue. The field is located in the South Natuna Sea Block B PSC and in water depths of about 334 feet (102 meters).

This order provides for the supply of a topside and subsea distribution control system and is an extension of the EPC contract with ConocoPhillips. The equipment is scheduled for delivery beginning in the second quarter of 2013 and will be supplied from FMC Technologies' facilities in Malaysia and Norway.

[Related -FMC Technologies (FTI) In $1.5B Subsea Tree Supply Deal With Petrobras (PBR)]

On December 12, FMC said it has received an order from Statoil (STO) for subsea equipment for the Oseberg Delta 2 Project. The order has an estimated value of $152 million in revenue. The company's scope of supply includes five subsea trees, five wellheads, two manifolds, control systems and other associated equipment.

The order is the first option from the fast-track portfolio awarded as part of the Gullfaks South deal announced earlier this year. The equipment is scheduled for delivery in 2013 - 2014 and will be engineered and manufactured at FMC Technologies' facilities in Norway and Scotland.

FTI closed Monday's session at $41.48. The stock has been trading between $36.89 and $55.19 for the past 52 weeks.

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