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John Gremp News

22 Apr 2015

FMC Beats 1Q Profit Forecasts

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. But it had net income of 63 cents. The company has generated first quarter 2015 revenue of $1.7 billion, down 7 percent from the prior-year quarter $1.82 billion, as stronger Subsea Technologies performance was offset by the continued strength of the U.S. dollar and the decline in the North American land market. Subsea Technologies operating profit increased 19 percent from the prior-year quarter to $168.7 million, primarily due to improved execution and stronger project margins related to backlog conversion.

10 Jan 2012

FMC Awarded Andarko Subsea Contract

FMC Technologies Awarded Subsea Systems Contract from Anadarko Petroleum Corporation. FMC Technologies, Inc. announced that it has signed an agreement with Anadarko Petroleum Corporation (NYSE: APC) to provide subsea systems and life-of-field services for its Lucius project. The Lucius field is located approximately 275 miles southeast of Galveston in Keathley Canyon Block 875, in water depths of approximately 7,100 feet (2,160 meters). FMC’s scope of supply includes five subsea production trees and two manifolds. The equipment will be supplied from the Company’s operation in Houston and deliveries are expected to begin in the fourth quarter of 2012.

11 Mar 2011

FMC Technologies Receives $125 Million Order From Petrobras

FMC Technologies (NYSE: FTI) announced today that it has received a $125 million order from Petrobras (NYSE: PBR, PBRA), Brazil's national oil company, to supply equipment for use in their oil and gas developments offshore Brazil. The order, for 32 subsea trees, represents the remaining equipment under a 107-tree frame agreement that was announced in February of 2010. Equipment deliveries are scheduled to begin in 2013. "We have been a key supplier to Petrobras for decades and have delivered over 300 subsea trees for their projects in Brazil…

13 Mar 2009

First 20k PSI Subsea Wellhead System

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. The HC-20 enables the development of high-pressure wells and its enhanced load bearing capacity, in excess of nine million pounds, allows operators to drill deeper wells with heavier casing strings. FMC's HC-20 subsea…