FMC Technologies Receives $120 Million Order From Conocophillips For Ekofisk Development
FMC Technologies, Inc. (NYSE:FTI) announced today that it has signed a five-year agreement with ConocoPhillips Scandinavia AS for the supply of subsea equipment and services for a water injection development in the Ekofisk field. The development is a replacement of the existing Ekofisk 2/4 W injection platform at the southern part of the Ekofisk Complex.
The contract, valued at approximately $120 million, includes the project management, engineering, procurement, manufacture and delivery of subsea equipment and offshore support services for eight subsea trees. The contract also has an option for an additional seven subsea trees and future provisions for up to a total of fifty subsea trees.
Ekofisk is an oil and gas field located in the southern portion of the Norwegian North Sea in approximately 230 feet (70 meters) of water. FMC Technologies’ scope of supply includes subsea water injection trees, wellheads, templates, associated control systems with a hydraulic power unit, 4-slot hosts, tie-in and connection equipment, an umbilical, sea line protection equipment, completion tools and services. The equipment will be manufactured at FMC’s operations in Kongsberg, Norway and Dunfermline, Scotland, with initial deliveries expected to commence in early 2009.
“Ekofisk has been a significant producer of oil and gas in since the field was first developed,” said Tore Halvorsen, FMC Technologies’ Senior Vice President of Global Subsea Production Systems. “Our relationship with ConocoPhillips goes back many years and includes supplying approximately 250 surface trees and other equipment. We welcome the opportunity to continue working with ConocoPhillips and their Ekofisk-partners with this important subsea project for increased oil recovery.”
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. These risks and uncertainties are described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2007 and may be modified in subsequent quarterly reports filed by the Company with the Securities and Exchange Commission that may be accessed on the Company’s website. 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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