FMC Technologies, Inc. (NYSE: FTI) and Schilling Robotics announced that they have entered into a definitive agreement whereby FMC Technologies will acquire a 45% interest in Schilling Robotics LLC for $116m in a transaction expected to close no later than December 31, 2008. The acquisition is expected to be accretive to FMC Technologies’ earnings per share in 2009. FMC Technologies is a manufacturer and supplier of subsea production systems. Schilling Robotics is a producer of ROVs (remotely operated vehicles), ROV manipulator systems, control systems, and other technology equipment and services for oil and gas subsea exploration and production. FMC Technologies Chairman, President and CEO, Peter D. Kinnear said, “This is a unique and exciting opportunity to expand our subsea business in a new direction. Our global subsea franchise will assist Schilling Robotics in extending its reach worldwide and better position it to serve its customers. Additionally, the relationship will allow FMC to participate more fully in the increasing integration of remote activities performed on the seabed such as subsea processing, well intervention and production optimization.” In addition to its expected purchase of 45% of Schilling by year end, FMC Technologies is acquiring the rights to exercise an option over the two year period beginning in 2012 to acquire the remaining 55% of the company.
FMC Technologies to manufacture and supply subsea equipment for BP's Thunder Horse Field in the Gulf of Mexico. The Thunder Horse oil field is located in the Mississippi Canyon area of the Gulf of Mexico, 150 miles (240 kilometers) southeast of New Orleans in approximately 6,300 feet (1,920 meters) of water. FMC Technologies' scope of supply includes two manifolds and associated controls equipment . In addition, the scope includes several pipeline end terminations
FMC Technologies announced it has signed an agreement with Statoil to provide subsea systems for the Vigdis Extension Phase 2 Project in the North Sea. The value of this contract is approximately $25 million. The contract includes subsea trees, a template structure with an integrated manifold, topside control systems, and related equipment. Deliveries are expected to begin in 2006. (Source: Houston Chronicle)
Tidewater (NYSE: TDW) announced the election of Joseph H. Netherland to its Board of Directors for a term expiring in July 2009. Mr. Netherland served as Chairman of the Board of FMC Technologies from December 2001 until his retirement in October 2008. Mr. Netherland also served as Chief Executive Officer of FMC Technologies from 2001 to March 2007, when he retired as an executive officer of the company. Mr. Netherland was President of FMC Technologies from 2001 to February 2006.
FMC Technologies, Inc. (NYSE: FTI) has signed a contract for the manufacture and supply of FMC's proprietary HC-20 high capacity subsea wellhead system, the oil and gas industry's first subsea wellhead system to be rated and qualified at 20,000 pounds per square inch (psi). In addition to operating at pressures as high as 20,000 psi, the equipment is engineered to perform at temperatures as high as 350 degrees Fahrenheit
FMC Technologies, Inc. (NYSE: FTI) won a contract by BG Norge, a subsidiary of BG Group, for the manufacture and supply of subsea production equipment to support the Knarr oil and gas field. The contract has a value of approximately $135 million in revenue to FMC Technologies. The Knarr field, formerly known as Jordbaer, is located in Norwegian block 34/3 of the North Sea in water depths of approximately 1,320 feet (400 meters)
FMC Technologies, Inc. announced that it has received an order from Ramseyer & Miller International Inc., an affiliate of Techint International Construction Corporation, for the supply of two SOFEC™ CALM (catenary anchor leg mooring) buoy marine export terminals, for installation offshore Ecuador, South America. FMC SOFEC Floating Systems is the designer of the buoys. One of the buoys is planned to be delivered new from inventory
FMC Technologies, Inc. (NYSE:FTI) said that Robert L. Potter has been appointed President of the company. Potter assumes this responsibility from John T. Gremp who remains Chairman and Chief Executive Officer (CEO). "Bob is an experienced and well-respected leader with a deep understanding of our markets and technologies," said Gremp. "He has been integral to our company's success and I look forward to working with him as President of our company to build on our
FMC Technologies entrusted Rina Group’s company, RINA Services, with the Technology Qualification of its new technology loading arms designed for installation on the FSRU Toscana and also the Chiksan Articulated Tandem Offshore Loader (ATOL) marine loading arms. Both feature innovative technologies to transfer LNG in a marine environment, and both are now qualified to enter service. Dino Cervetto, Technical Services Sector Manager, Rina Services, said
Tidewater Subsea has reached a deal with Bordelon Marine to charter the newly built Jones Act compliant MV Brandon Bordelon for 60 days, plus options. The vessel is intended to be available to work in the U.S. Gulf of Mexico, Mexico and Trinidad, Bordelon Marine said. Tidewater Subsea is mobilizing two FMC Technologies Schilling HP 150 ROVs to the vessel. The Brandon is now fully capable to perform a variety of operations, including IMR (inspection, maintenance and repair)
The Federal Maritime Commission’s (FMC) Supply Chain Innovation Team Initiative, led by Commissioner Rebecca F. Dye, was launched today at FMC headquarters in Washington, D.C. Over the next two-days, industry leaders from 34 companies will be working in teams with the goal of
Customer-case shows potential for a 40% reduction in engineering hours on subsea paperwork, and up to 80% less documentation. A cross-industry project led by DNV GL to halt the boom in subsea documentation shows that implementing a standardized approach can significantly reduce engineering hours
U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements: On Friday, June 24, 2016, I voted to allow the Port Operations and Safety Discussion Agreement to
The Federal Maritime Commission (FMC), which has always been a valuable resource in supply chain management, announced the formation of a Supply Chain Innovations Teams that will develop commercial solutions to supply chain challenges and related port congestion concerns
To pool 185 ships, save Maersk Line $350 mln/year Alliance would have 35 pct of Asia-Europe route Also 31 pct trans-Atlantic, 22 pct trans-Pacific routes Top container shipping companies A.P. Moller-Maersk and MSC Mediterranean Shipping Co cleared the last regulatory
Federal Maritime Commission (FMC) Chairman Mario Cordero announced to staff January 13 that his priority for the Commission in 2015 is addressing congestion issues that are plaguing U.S. ports. Starting in September 2014, FMC Commissioners led public forums concerning port
The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award. The 2015 awards will be presented May 4, in the NRG Center Rotunda Lobby.
The Pacific Ports Operational Improvements Agreement (FMC Agreement No. 201227) is set to become effective on April 17, 2015 after the Federal Maritime Commission (FMC) voted unanimously for its approval. The commission said its review included evaluation of information received from the
The Houston-based subsea specialist FMC Technologies Inc. (FTI) reported first-quarter earnings of $147.6 million, beating Wall Street expectations. The average estimate of 34 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share on a per-share basis
Crowley Maritime Corp. has been honored with the 2015 Federal Maritime Commission (FMC) Chairman’s Earth Day Award in recognition of the organization’s companywide environmental stewardship initiatives. The announcement was made during a Professional Environmental Management
The U.S. Federal Maritime Commission (FMC) voted unanimously to grant the Qatar-controlled United Arab Shipping Co. (UASC) exemption from its controlled carrier list which aims to stop price fixing among state-owned shipping companies.
Marine container terminal operators at the Port of Oakland are developing a program to operate their terminal gates on Saturdays to reduce weekday congestion at the port. The new program, called OakPass, is expected to begin in the fourth quarter of this year, pending review by the U.S
Former FMC counsel David Tubman has served in FMC Commissioner Doyle's office as counsel since 2013 at U.S. Federal Maritime Commission. After being cleared by the White House and U.S. Department of Transportation late last week, starting today (February 22, 2016), Mr
Federal Maritime Commission (FMC) Chairman Mario Cordero issued a statement regarding the Safety of Life at Sea (SOLAS) Verified Gross Mass (VGM) amendments implementation, calling for negotiation between shippers and carriers. "I applaud Chairman Hunter and Ranking Member Garamendi
Passenger vessel operator Haimark Line Limited has cancelled all future cruises, the U.S. Federal Maritime Commission (FMC) has advised. Haimark operates a single vessel, the 210-passenger Saint Laurent, and has cancelled its planned sailings from Miami to Cuba due to prolonged financial