FMC Technologies to Supply Subsea Systems for Petrobras' Cascade & Chinook Projects Offshore the U.S. Gulf of Mexico
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Houston, Texas, October 09, 2007 - FMC Technologies, Inc. (NYSE: FTI) announced today that it has been awarded a contract to supply deepwater subsea systems to Petrobras America Inc, a subsidiary of Petrobras (NYSE: PBR, PBRA), for the Cascade and Chinook Development project, located offshore deepwater in the U.S. Gulf of Mexico. The contract has a value of approximately $200 million in revenue to FMC Technologies.
FMC Technologies' scope of supply includes four horizontal subsea trees, three manifolds, control systems and two subsea horizontal electric submersible pumping systems, a new technology in the Gulf of Mexico. Deliveries are expected to commence in the fourth quarter of 2008.
"FMC has a strong, 25-year history of collaborating with Petrobras," said John Gremp, Executive Vice President, FMC Technologies. "We are pleased to provide these subsea systems and technologies as they expand their presence to the Lower Tertiary formations in the Gulf of Mexico."
The systems provided by FMC will be located in an average depth of 8,500 feet to support Petrobras' development of the Cascade and Chinook fields in the Walker Ridge area of the U.S. Gulf of Mexico. This project is the first major full field development executed by Petrobras in the U.S.
FMC Technologies, Inc. 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. Twice named as the Most Admired Oil and Gas, Equipment Service Company by FORTUNE magazine, FMC Technologies employs approximately 12,000 people and operates 33 manufacturing facilities in 19 countries. For more information visit www.fmctechnologies.com.
PR/MEDIA INQUIRIES
Ellen Bates
Corporate Communications
1803 Gears Road
Houston, TX 77067
Phone: (281) 445-6559
Email: ellen.bates@fmcti.com
