FMC Technologies to Provide Subsea Equipment for Independence Project in Eastern Gulf of Mexico

abarrelfull wrote on 25 Jan 2014 09:48
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March 16, 2005

FMC Technologies, Inc. (NYSE: FTI) announced today that it has signed a contract with Anadarko Petroleum Corporation (NYSE: APC) to supply subsea production equipment for certain Anadarko wells in the eastern Gulf of Mexico that will be connected to the Independence Hub. The contract for this project includes 10 subsea trees and associated equipment. The initial value of this contract to FMC Technologies is approximately $25 million in revenue.

Independence Hub, LLC, is an affiliate of Enterprise Products Partners L.P. and the Atwater Valley Producers Group, which includes Anadarko Petroleum; Dominion Exploration & Production, Inc., a subsidiary of Dominion; Kerr-McGee Oil & Gas Corp., a wholly owned affiliate of Kerr-McGee Corp.; Spinnaker Exploration Company and Devon Energy Corp.

Independence Hub will be a deep-draft, semi-submersible platform that will be connected initially to eight natural gas fields. Anadarko is the operator of six of the eight fields and will be the operator of the Independence Hub facility. These fields are located in the Atwater Valley, DeSoto Canyon and Lloyd Ridge areas of the deepwater Gulf of Mexico, where water depths range from 7,800 to 9,000 feet. Deliveries will be completed over a multi-year period and are scheduled to commence in 2005.

"We are pleased to be chosen by Anadarko to supply this subsea equipment, and we look forward to supplying additional equipment for the Independence project," said Peter D. Kinnear, Executive Vice President of FMC Technologies. "This contract award affirms our extensive experience as a subsea solutions provider in the Gulf of Mexico."

• FMC Technologies to Provide Subsea Equipment for Independence Project in Eastern Gulf of Mexico

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