FMC Technologies, Inc. announced that its FMC Energy Systems business has signed an extension of its existing subsea service agreement with Statoil ASA (STOHF)
to provide technical services and subsea equipment for an additional two years, with an option for two more years beyond that. Under the terms of the extension, FMC Energy Systems expects
to receive approximately $60 million per year.
The agreement comprises technical services in connection with completion, workover, installation, maintenance and other activities associated with subsea field development. The contract also includes provision of additional equipment for Statoil-operated fields previously supplied by FMC Kongsberg Subsea AS, the Company's Norway-based subsidiary.
"We are pleased that Statoil has extended this service agreement," said Peter D. Kinnear, Vice President -- FMC Energy Systems. "This reflects our extensive experience as a subsea solutions provider in the North Sea, as well as the strength of our relationship with Statoil."