FMC AND STATOIL SIGN $450 MILLION AGREEMENT FOR SUBSEA PRODUCTION SYSTEMS IN NORWAY.HOUSTON--(BUSINESS WIRE)--Aug. 31, 1995--FMC Corp. today announced that Statoil, the Norwegian state-owned oil company, and FMCUs Kongsberg Offshore a.s. subsidiary have reached a five-year, $450 million agreement for the delivery of complete subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". production systems. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Peter Kinnear, general manager of FMC's Petroleum Equipment and Systems Division: ``This agreement is by far the largest ever concluded within this business area and enhances our already strong presence in the North Sea. The agreement demonstrates our commitment to provide our customers with state-of-the-art subsea technologies, and comprehensive subsea systems and services to enable them to bring developments on-line quickly and at the lowest possible cost. We are in the process of expanding our production and support facilities to handle the increased demand for our products and services.'' The production systems in the agreement will feature Kongsberg's Hinge-Over Subsea Template (HOST) technology, which was developed jointly with Statoil. The HOST system provides a collection of standard, interchangeable in·ter·change·a·ble adj. That can be interchanged: interchangeable items of clothing; interchangeable automotive parts. in modules that can be stacked together in a variety of ways to configure subsea production systems. These ``building blocks'' provide the cost savings of standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. equipment with the customization ability needed to develop today's complex subsea oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. . The subsea production systems will be used primarily for the development of the Asgard, Gullfaks South, Rimfaks and Yme Beta East fields in the Norwegian sector of the North Sea. These projects will require 80 to 90 subsea wells. The development of these fields is anticipated in the late 1995 to 1997 time frame and is subject to normal government approvals. Over the years, Statoil and Kongsberg Offshore a.s., based in Norway, have developed a close working relationship through Kongsberg's previous supply of subsea systems on the Stratfjord Satellites, Sleipner East, Loke and Norne projects. FMC See fixed mobile convergence. Corp. is one of the world's leading producers of chemicals and machinery for industry, government and agriculture. The Chicago-based company reported annual sales of $4 billion in 1994, with international sales to more than 100 countries accounting for 49 percent of total annual revenues. FMC employs 21,000 people in 97 manufacturing facilities and mines in 21 countries. The company divides its businesses into five major segments: Performance Chemicals, Industrial Chemicals, Machinery and Equipment, Defense Systems and Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. . CONTACT: FMC Corp. Pat Brozowski, 312-861-6104 or Lisa Azzarello, 312-861-6921 (investors) Bruce Bullock Bruce John Bullock (born May 9, 1949 in Toronto, Ontario) is a retired Canadian professional ice hockey goaltender who spent parts of three seasons in the National Hockey League in the 1970s with the Vancouver Canucks. , 713-591-4429 (media) |
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