HOUSTON, Sept. 18, 2015 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today the award of a new EPC contract with Statoil where Phase 1 of the Johan Sverdrup field is the first call-off. The contract has an estimated value of $172 million in revenue and includes subsea trees, subsea wellheads, manifolds, and control systems integration.
A frame agreement for add-on systems and a frame agreement for subsea service offerings have also been signed.
Statoil's Johan Sverdrup field will be the largest offshore oil find in Norway in 30 years, and it is estimated to hold 1.7 billion to 3.0 billion barrels of oil equivalents. The field is expected to produce 550,000 - 650,000 barrels of oil equivalents a day when fully developed, equal to about 25 percent of current domestic output. Production is slated to start in late 2019.
"FMC Technologies' long history of working with Statoil and proven track record for delivering leading-edge technologies made us a strong candidate for this award," said Tore Halvorsen, Senior Vice President, Subsea Technologies. "We are excited to play a large role in what will most certainly be one of the most important developments in the region for generations to come."
About FMC Technologies
FMC Technologies, Inc. (NYSE: FTI) is the global market leader in subsea systems and a leading provider of technologies and services to the oil and gas industry. We help our customers overcome their most difficult challenges, such as improving shale and subsea infrastructures and operations to reduce cost, maintain uptime, and maximize oil and gas recovery. Named by Forbes® Magazine as one of the World's Most Innovative Companies in 2013, the company has approximately 19,000 employees and operates 24 production facilities in 14 countries. Visit www.fmctechnologies.com or follow us on Twitter @FMC_Tech for more information.
This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The word "estimated" and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ from those in the forward-looking statements include the Company's ability to successfully deliver, and Statoil's acceptance of, the subsea products ordered. For additional information regarding known material factors that could cause actual results to differ from projected results, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2014, as well as its other filings with the Securities and Exchange Commission. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any of its forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
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SOURCE FMC Technologies, Inc.
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