FMC Technologies Receives Light Well Intervention Services Contracts from Statoil

abarrelfull wrote on 25 May 2012 05:52
Tags: europe fmc north-sea norway services statoil

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FMC Technologies, Inc. (NYSE:FTI) announced today that it has signed two five-year contracts with Island Offshore Management AS to supply Light Well Intervention (LWI) services for use by Statoil in the North Sea, contingent on approval from Statoil's partners. Each contract contains options for two, two-year extensions.

FMC's LWI services enable cost effective intervention and maintenance operations to be performed on existing subsea wells, resulting in higher recovery rates and accelerated production volumes in mature subsea oil fields. The contracts will commence when the existing LWI contracts between the companies expire in 2015. The well intervention activities will be conducted from two Island Offshore vessels, the Island Frontier and the Island Wellserver.

"Reducing the cost of operations and increasing oil recovery are two key benefits of the LWI system," said Tore Halvorsen, FMC's Senior Vice President of Subsea Technologies. "Demand for these services will continue to grow as the number of subsea wells increase, and we are pleased to continue to support Statoil with our LWI services."

• FMC Technologies Receives Light Well Intervention Services Contracts from Statoil

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