FMC Technologies Receives $140m Contract
FMC Technologies, Inc. (NYSE: FTI) announced on Jan. 15 that it has signed a contract with BP (BP) for the manufacture and supply of subsea equipment for the BP and Sonangol Sinopec International Block 18 field development, located offshore Angola. The contract is valued at approximately $140m in revenue for FMC.
FMC's scope of supply includes one gas export regulation manifold, foundations and controls, a high-integrity pressure protection system, chokes and two pipeline end manifolds. The equipment will be manufactured in Angola and at FMC's Kongsberg, Norway facility. Deliveries will commence in 2009.
"For several years FMC has worked closely with BP, which operates Block 18, to develop technologies and solutions for this project," said Tore Halvorsen, FMC's Senior Vice President of Global Subsea Production Systems. "Today's announcement strengthens our relationship as we continue to develop and deploy innovative technologies."