FMC Technologies, Inc. (NYSE: FTI) announced today that it has been awarded a two year extension to an existing contract by Island Offshore Management AS (Island Offshore) to provide Light Well Intervention (LWI) services.
The LWI services will be performed from Island Offshore's Island Constructor vessel on wells operated by BP Exploration Operating Company Ltd (BP). LWI services enable cost effective intervention operations into existing subsea wells resulting in increased recovery from mature subsea fields. The services are scheduled to be performed in 2014 and 2015.
"We are pleased to continue to support Island Offshore and their customer BP with our LWI services," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "This contract illustrates the continued demand for LWI services by major operators such as BP."