FMC Technologies Awarded $200 Million Subsea Equipment Contract for Statoil's Gullfaks South Field Development

abarrelfull wrote on 06 Jul 2012 05:24
Tags: europe fmc norway services

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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 Gullfaks South field development. The contract has an estimated value of $200 million in revenue to FMC Technologies.

Gullfaks South will be developed as a fast-track project in blocks 34/10 and 33/12 in the North Sea, in water depths between 425 and 720 feet (130-220 meters). FMC's scope of supply includes seven subsea production trees, seven wellhead systems, two integrated protection structures with manifolds, and additional controls and equipment. The systems will be supplied from the Company's operations in Norway and Scotland with deliveries scheduled to begin in the second quarter of 2013.

"Statoil has made significant technology investments for Gullfaks, which is Europe's largest fixed-platform subsea tie-back development," said Tore Halvorsen, FMC's Senior Vice President, Subsea Technologies. "We are pleased to continue supporting their efforts to increase recovery and extend the life of this important field."

• FMC Technologies Awarded $200 Million Subsea Equipment Contract for Statoil's Gullfaks South Field Development

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