FMC Technologies Awarded $70 Million Pan Pandora Contract

abarrelfullabarrelfull wrote on 25 Nov 2012 17:01
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June 21, 2010

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 Pan Pandora field. The award has a value of approximately $70 million in revenue to FMC Technologies.

Pan Pandora is an offshore oil and gas field located in water depths of approximately 950 feet (290 meters) in the Norwegian sector of the North Sea. Today's award also includes options for the supply of subsea production systems for three additional fields. All equipment will be based on a subsea standard solution designed by Statoil and FMC.

FMC's scope of supply for Pan Pandora includes the manufacture of four subsea production trees, wellheads, choke modules and subsea control modules. FMC will also supply one manifold structure and associated tools and control systems. The equipment will be manufactured and assembled at FMC's facilities in Scotland and Norway. Deliveries are scheduled to commence in the second quarter of 2011.

"We value our strong relationship with Statoil and are pleased to support Statoil's fast-track strategy," said Tore Halvorsen, FMC's Senior Vice President of Global Subsea Production Systems. "FMC's experience and success in delivering standardized solutions will help Statoil meet its goal of reducing the time it takes to achieve first oil by approximately 50 percent."


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