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's scope of supply includes three each of subsea production trees and water injection trees. The Company will also provide six subsea control modules, five wellheads, two manifolds and other related equipment and controls. Deliveries will commence in the spring of 2013.
"This is the first call-off order under the new multi-year frame agreement," said Tore Halvorsen, FMC's Senior Vice President, Global Subsea Production Systems. "We recently completed a detailed engineering study for the project, and we are eager to now support the field with our subsea systems."