FMC Technologies and Petrobras Sign Memorandum of Understanding

abarrelfullabarrelfull wrote on 01 Dec 2010 07:32
Tags: deals fmc petrobras services

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FMC Technologies, Inc. (NYSE: FTI) announced today that it has signed a memorandum of understanding with Petrobras to develop future subsea technology solutions for its oil and gas projects offshore Brazil.

The agreement includes the development of innovative and cost effective subsea production systems to address the challenges associated with Petrobras' pre-salt oil and gas fields. It also includes the design of subsea processing technologies that can increase recovery rates at Petrobras' maturing oil and gas fields. Both companies anticipate a portfolio of subsea solutions will result from this announcement.

"Today's agreement enhances our strong presence in Brazil and will play an important role in the development of systems that can effectively produce hydrocarbons in Brazil's deepwater and pre-salt environments," said John Gremp, FMC's President and Chief Operating Officer. "We are proud to have supported Petrobras' many subsea processing achievements and are confident this agreement, as well as our Technology Center in Rio de Janeiro, will further strengthen our collaborative efforts."

FMC Technologies' presence in Brazil began in 1956 and currently includes two manufacturing facilities in Rio de Janeiro and one service base in Macae. Construction of the Technology Center, announced in July of 2010, is expected to be completed in the first half of 2011.

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 11,200 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

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