Source: FMC Technologies
FMC Technologies (NYSE: FTI) has received a $125 million order from Petrobras (NYSE: PBR), 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," said John Gremp, FMC's President and Chief Executive Officer. "Today's announcement, as well as our recent investments in a Technology Center and other facility expansions in Brazil, strengthens our support of Petrobras and their offshore programs."