FMC Technologies awarded contract for offshore Brazil fields

Source:FMC Technologies, Inc.

FMC Technologies, Inc. (NYSE: FTI) announced today that it has received an order from Petrobras (NYSE: PBR, PBRA) for the supply of the first subsea manifold systems for its pre-salt fields, located offshore Brazil. The value of the contract is approximately $130 million in revenue.

This initial award includes three manifolds, tools, spare parts and system integration with subsea controls. The manifolds will be designed with retrievable injection modules to allow water alternated gas injection for up to four wells and will be installed in water depths up to 8,200 feet (2,500 meters). The equipment will be manufactured in Brazil and the development engineering and system integration testing will be conducted at FMC Technologies' Technology Center in Rio de Janeiro. Deliveries are scheduled to commence in 2015.

"The pre-salt fields require customized solutions and we are proud to have been selected by Petrobras to develop and deliver these manifolds," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "We have made significant investments in our Brazilian operations to enable large-scale product manufacturing and the development of new technologies that comply with local content requirements."

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