Source:money.cnn.com
FMC Technologies (NYSE:FTI) announced today that it has signed a three-year contract with Island Offshore Management AS to supply a Riserless Light Well Intervention (RLWI) system for use by BP in the UK North Sea. The contract, which has a value of approximately $25 million in revenue to FMC Technologies, also contains options for two, one-year extensions.
The contract includes a new RLWI system to be manufactured at FMC's facilities in Kongsberg, Norway and will be used by Island Offshore's new vessel, the Island Constructor. This will be FMC's third RLWI system. Expected commencement of the contract will be in the summer of 2008.
"RLWI is an important part of our subsea technology to service the growing population of subsea wells," said Tore Halvorsen, Senior Vice President, FMC Technologies. "We are pleased to support BP with our RLWI technology."
FMC Technologies, Inc. (NYSE:FTI) 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 11,000 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. 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, 2006 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.
