FMC Technologies To Supply Subsea Gas Compression Control Systems For Statoilhydro’s Åsgard Minimum Flow Project
FMC Technologies, Inc. (NYSE: FTI) announced today that it has been awarded a contract to supply subsea gas compression control systems to StatoilHydro. The award is part of a major qualification program run by StatoilHydro for the development and qualification of all critical components for a subsea gas compression system within its Åsgard field in the North Sea. The contract has a value of approximately $35 million in revenue to FMC Technologies.
FMC Technologies’ scope of supply includes the qualification of critical control system components, including a subsea active magnetic bearing control system for the compressor (to be performed in cooperation with Waukesha Bearings), and a subsea anti-surge actuator and valve. Also included is the addition of anti-surge control features to existing FMC control systems, and development and implementation of new sensor technologies vital to the subsea gas compression application. A control system test is also part of the scope of work.
“We have a strong history of subsea technological successes,” said John Gremp, Executive Vice President of FMC Technologies, “and the development of these components is another very important milestone in addressing future subsea compression needs in the industry. We are excited to assist StatoilHydro in this next step of subsea technology development.”
FMC Technologies, Inc. is a leading global provider of technology solutions for the energy industry and other industrial markets. The Company 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. The Company also produces food processing equipment for the food industry and specialized equipment to service the aviation industry. Twice named as the Most Admired Oil and Gas, Equipment Service Company by FORTUNE magazine, FMC Technologies employs approximately 12,000 people and operates 33 manufacturing facilities in 19 countries. For more information visit www.fmctechnologies.com.
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company’s ability to control. Forward-looking statements are qualified in their entirety by the cautionary language set forth in the Cautionary Note Regarding Forward-Looking Statements in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements.
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