FMC Tech to Acquire 45% of Schilling Robotics
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.
FMC Technologies Receives Order For CALM Buoys
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, and an essentially identical second buoy is anticipated to be constructed for the project. Each buoy is planned to be equipped for mooring and loading various size export tankers with heavy crude oil received from a new, 300-mile (500-kilometer) pipeline being constructed by Techint. Installation of the buoys is scheduled for early 2003.
FMC Technologies Unit Agreement Extension With Statoil
FMC Technologies, Inc. announced that its FMC Energy Systems business has signed an extension of its existing subsea service agreement with Statoil ASA 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.
FMC SOFEC Wins Kizomba B Contract
FMC Technologies, Inc.'s FMC SOFEC Floating Systems unit has received an order for the design and analysis of the FPSO (Floating Production, Storage and Offloading) spread mooring system for the Kizomba B project offshore Angola, West Africa. FMC SOFEC Floating Systems' client for this project is Hyundai Heavy Industries. FMC SOFEC Floating Systems was previously awarded a contract for the spread mooring system for the Kizomba A project. The design for Kizomba B will be similar, with the exception of necessary modifications for the shallower water depth compared with Kizomba A. In addition, FMC SOFEC Floating Systems will also provide consulting services to coordinate the offshore installation, which is scheduled for 2005.
