FMC Technologies to Supply Subsea Systems for Pemex's Cantarell Project in the Gulf of Mexico.HOUSTON -- FMC Technologies, Inc. (NYSE NYSE See: New York Stock Exchange :FTI FTI Free thyroxine index, see there ) announced today that its Mexican wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , FMC Technologies de Mexico, S.A. de C.V ("FMC Technologies"), has signed a contract with Pemex-Exploracion y Produccion to provide 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". completion services for the Cantarell project, located off the coast of the Yucatan Peninsula in the Bay of Campeche Noun 1. Bay of Campeche - a part of the Gulf of Mexico to the west of Yucatan Golfo de Campeche, Gulf of Campeche Mexico, United Mexican States - a republic in southern North America; became independent from Spain in 1810 , Mexico. The contract was awarded through public tender and has a value of approximately $29 million in revenue to FMC Technologies. FMC Technologies scope of supply for the project includes 10 shallow water trees, including umbilicals and surface control systems. Deliveries are scheduled to begin in June of 2007. "We are pleased that Pemex has selected FMC Technologies for this project," said John Gremp, Executive Vice President, FMC Technologies. "We appreciate the opportunity to work closely with Pemex in developing their expertise in subsea technology." The Cantarell Field, located in 150 feet of water, is the largest oil field in Mexico. It is comprised of four major fields: Akal, Nohoch, Chac and Kutz. FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology solutions for the energy industry and other industrial markets. The Company designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. The Company also produces food processing equipment for the food industry and specialized equipment to service the aviation industry. Twice named as the Most Admired Oil and Gas, Equipment Service Company by FORTUNE magazine, FMC Technologies employs approximately 11,000 people and operates 33 manufacturing facilities in 19 countries. This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control. These risks and uncertainties are described under the caption "Risk Factors" in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2006 and may be modified in subsequent quarterly reports filed by the Company with the Securities and Exchange Commission that may be accessed on the Company's website. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements. |
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