FMC Technologies, Inc. (NYSE: FTI) has signed a contract with Statoil (NYSE:STO) for the manufacture and supply of subsea production equipment to support the Gygrid offshore development. The award has a value of approximately $54 million in revenue to FMC Technologies.
Gygrid is a fast-track oil and gas field located in water depths of approximately 820 feet (250 meters) in the Norwegian sector of the North Sea. FMC's scope of supply includes the manufacture of two subsea production trees, one manifold and associated subsea and topside control systems. The equipment will be based on a standard subsea solution designed by FMC for Statoil. Deliveries are scheduled to commence in the third quarter of 2011.
"Gygrid was discovered in 2009 and was assigned fast-track status by Statoil," said Tore Halvorsen, FMC's Senior Vice President of Global Subsea Production Systems. "It is the fourth fast-track project we've announced with Statoil since June of 2010 — joining Katla, Pan Pandora and Vigdis North-East — and we are pleased that Statoil continues to recognize our strengths and capabilities in supporting their tie-back and fast-track developments."