Statoil Awards $75 Million Katla Project to FMC Technologies
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HOUSTON, Sept. 22 - FMC Technologies, Inc. (NYSE: FTI) announced today that it has signed an agreement with Statoil for the manufacture and supply of subsea production equipment to support the Katla development. The award has a value of approximately $75 million in revenue to FMC Technologies.
Katla is a fast-track offshore oil and gas field located in water depths of approximately 310 feet (95 meters) in the Norwegian sector of the North Sea. It is one of three additional options included in the previously announced Pan Pandora project awarded to FMC Technologies in June. As with Pan Pandora, all equipment for Katla will be based on a standard subsea solution designed by FMC for Statoil.
FMC's scope of supply for Katla includes the manufacture of three subsea trees, one manifold and associated subsea and topside control systems. The equipment will be manufactured and assembled at FMC's facilities in Dunfermline, Scotland and Kongsberg, Norway. Deliveries are scheduled to commence in the second quarter of 2011.
"Statoil's fast-track strategy aims to reduce the time from discovery to production," said Tore Halvorsen, FMC's Senior Vice President of Global Subsea Production Systems. "We are pleased that they recognize the value of our experience and the success of FMC's proven standardized systems in supporting fast-track projects."
FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World's Most Admired Oil and Gas Equipment, Service Company in 2010, the Company has approximately 10,800 employees and operates 25 production facilities in 15 countries. FMC Technologies 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. For more information visit www.fmctechnologies.com.
SOURCE FMC Technologies, Inc.
CONTACT: Investors, Rob Cherry, +1-281-591-4560, or Media, Ellen Bates, +1-281-445-6559, Michael King, +1-281-931-2540, both of FMC Technologies, Inc.
Web Site: www.fmctechnologies.com
