HOUSTON, June 17 /PRNewswire-FirstCall/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it has received an award from Eni (NYSE: E; BIT: ENI) for the manufacture and supply of subsea equipment for its Kitan field development. The award has a value of approximately $60 million in revenue to FMC Technologies.
Located in approximately 1,000 feet (310 m) of water in the Timor Sea, the Kitan field is situated approximately 100 miles (170 km) off the East Timor coast and 300 miles (500 km) off the Australian coast. FMC's scope of supply includes three subsea production trees and all associated control systems and umbilicals. This engineering, procurement and construction (EPC) project will be managed by FMC's Asia Pacific deepwater subsea organization. All equipment will be engineered and manufactured at FMC's operations in Singapore and Malaysia with deliveries projected to begin in 2010.
"We're pleased to support Eni with the development of the Kitan field," said Tore Halvorsen, FMC's Senior Vice President of Global Subsea Production Systems. "We value our EPC partnership with Eni and will utilize our regional presence to assist them with this project."
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 systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. Named by FORTUNE Magazine as America's Most Admired Oil and Gas Equipment, Service Company in 2005, 2006 and 2008, FMC Technologies has approximately 10,400 employees and operates 19 manufacturing facilities in 14 countries. For more information visit www.fmctechnologies.com.
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act 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 for the year ended December 31, 2008 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.
SOURCE FMC Technologies, Inc.