Oil drilling equipment maker FMC Technologies Inc. (FTI) announced the receipt of a $36 million call-off contract from French oil major Total SA (TOT). The deal calls for FMC Technologies to manufacture and supply additional subsea production systems to Total-operated Block 17 development, located offshore Angola.
FMC Technologies said that the call-off (for one option included in an existing contract) includes the manufacture of four subsea trees, controls and associated equipment. The company expects delivery to begin in the first quarter of 2011. The order is part of FMC Technologies’ strong and longstanding relationship with Total and will be supported by its facilities at Dunfermline, Scotland; Kongsberg, Norway; and Luanda, Angola.
Total E&P Angola (a wholly owned subsidiary of Total) holds a 40% operated interest in the Block 17 development, deep offshore Angola. FMC Technologies has supported a number of projects in Total’s Block 17 development (including Girassol, Rosa and Pazflor).
Houston, Texas-based FMC Technologies is a leading manufacturer and supplier of technology solutions for the energy industry. The company, which operates 25 manufacturing facilities in 15 countries, is engaged in the designing, producing and servicing technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead production systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry.
FMC Technologies currently retains a Zacks #3 Rank (short-term 'Hold' rating).
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