FMC Technologies, Inc. (NYSE: FTI) announced today that it has received an order from Petrobras (NYSE: PBR, PBRA), Brazil's national oil company, for the supply of subsea trees for its pre-salt fields, located offshore Brazil. The value of the award is estimated at $500 million and represents the call-off of the remaining value of the $1.5 billion agreement announced in March of 2012.
The order includes 49 subsea trees, tooling, and associated subsea controls. The trees are scheduled to be installed in multiple pre-salt fields for both production and injection wells. The equipment will be designed and manufactured at FMC Technologies' facilities in Brazil.
"This is the second order for subsea trees under the contract signed in 2012," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "FMC Technologies has been working with Petrobras for more than 30 years and we are pleased to support them in the continued development of their pre-salt fields."