FMC Technologies, Inc. (NYSE: FTI) announced today that it has signed an agreement with Statoil for the manufacture and supply of a Workover System (WOS) to be installed on the Snorre B platform. The award has an approximate value of $114 million in revenue.
The new WOS will replace an earlier system and will allow Statoil to perform intervention activities designed to increase performance and oil recovery from the field's subsea wells.
"This workover system is designed to support Statoil's standardized subsea equipment and its scheduling program for Snorre B," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "By standardizing the workover system, rig time can be more efficiently allocated, reducing costs and enhancing productivity."