FMC Technologies to Supply Subsea Systems for Statoil's Gjoa Project in the Norwegian North Sea.HOUSTON -- FMC Technologies (NYSE NYSE See: New York Stock Exchange :FTI FTI Free thyroxine index, see there ) announced today that it has signed a contract with Statoil (NYSE:STO) to supply 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". systems for the Gjoa project, offshore Norway. The value of this contract is approximately $210 million in revenue. This contract covers the supply of 14 subsea trees, 5 template structures with manifolds, a topside control system and work-over systems. The subsea system will be engineered and manufactured at FMC See fixed mobile convergence. Technologies' facility in Kongsberg, Norway. First deliveries are scheduled for July 2008. "FMC Technologies' long-term alliance combined with the experience gained through previous Statoil projects, such as the ongoing Tyrihans project, should contribute to the execution of the Gjoa project," said Peter D. Kinnear, President, FMC Technologies. "New technological solutions developed for the Tyrihans project will benefit Statoil as they move forward with the Gjoa project in the North Sea." Gjoa is an oil and condensate (light oil) field located in blocks 35/9 and 36/7, 130 kilometers northwest of Bergen, Norway at a water depth of 380 meters. Final contract award depends on Statoil and its partners submitting plans for both development and operation (PDO PDO Php Data Objects (PHP extension) PDO Protected Designation of Origin (EC) PDO Pacific Decadal Oscillation (weather) PDO Property Damage Only ) and installation and operation (PIO PIO Public Information Office PIO Public Information Officer PIO Port Installed Option (automotive) PIO Programmed Input/Output PIO Person of Indian Origin ) and official approval of these by Norwegian governmental authorities. For more information on this project, please visit www.fmctechnologies.com/gjoa. FMC Technologies, Inc. (www.fmctechnologies.com) is a global leader providing mission-critical technology solutions for the energy, food processing and air transportation industries. FMC Technologies designs, manufactures and services technologically sophisticated systems and products for its customers through its Energy Systems (comprising Energy Production Systems and Energy Processing Systems), FoodTech and Airport Systems businesses. FMC Technologies employs approximately 11,000 people and operates 32 manufacturing facilities in 17 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, 2005 and may be modified in subsequent periodic 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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