HOUSTON, Jan 02, 2008 (BUSINESS WIRE) -- FMC Technologies, Inc. (NYSE:FTI) announced today that it has received the award to supply deepwater subsea processing and production systems to Total Exploration & Production Angola. The systems will be used in Total's Pazflor Project, located in Block 17 deepwater offshore Angola. The award has a value of approximately $980 million in revenue to FMC Technologies.
FMC Technologies' scope of supply includes three gas-liquid separation systems, which marks the first-ever deployment of subsea separation technology in West Africa, as well as 49 subsea trees and wellhead systems. In addition, FMC Technologies will supply three 4-slot production manifold systems; production control and umbilical distribution systems; gas export and flowline connection systems; ROV tooling; and local support for installation and start up activities. Deliveries will be completed over a multi-year period and are expected to commence in 2009. Revenues on the project will be recognized beginning in early 2008.
Sociedade Nacional de Combustiveis de Angola (Sonangol) is the Block 17 concessionaire. In addition to Total E&P Angola, other partners in the Block are Esso Exploration Angola (Block 17) Ltd., BP Exploration (Angola) Ltd., and StatoilHydro.
"FMC has now been awarded five subsea processing projects in four major deepwater basins in just the last two years," said John Gremp, FMC Technologies Executive Vice President. "We are proud to be selected to develop these systems, and we look forward to working with Sonangol, Total and their partners in the implementation of our state-of-the-art technology in West Africa."
The Pazflor Project targets development of hydrocarbons in water depths between approximately 2,000 feet (600 meters) and 4,000 feet (1,200 meters). The overall development currently consists of 49 subsea wells connected via subsea production lines, injection lines and risers to a spread moored floating production, storage and offloading (FPSO) vessel.
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 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. 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.
SOURCE: FMC Technologies, Inc.
FMC Technologies, Inc. Investors: Rob Cherry, 281-591-4560 or Media: Ellen Bates, 281-445-6559
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