Oil drilling equipment maker FMC Technologies Inc. (FTI) announced the receipt of a $40 million contract from Norway-based oil and gas company StatoilHydro ASA (STO). The deal calls for FMC Technologies to design and provide subsea production systems to Statoil-operated Snorre field in the North Sea.
 
FMC Technologies said that the contract includes 10 production risers, tieback connectors and installation tools. The company expects delivery to begin in 2011 and continue through mid-2013.
 
The order is part of FMC Technologies’ strong and longstanding relationship with Statoil and will be supported by its engineering and manufacturing facilities at Houston, Texas and Kongsberg, Norway.
 
The Snorre field has been in production since 1992 and the existing field consent runs through 2017. However, Statoil recently announced a modification program on the field, which will look to extend this life through 2040. FMC Technologies has supported the Snorre development for more than 20 years, and will continue to assist Statoil with their equipment needs.
 
FMC Technologies recently posted better-than-expected third quarter results despite pricing pressure and reduced order flow. A healthy backlog of $3 billion, coupled with growing international operations and the still favorable outlook for deepwater offshore markets should help the company weather the current downturn better than most of its peers.
 
Incorporated in 2000, Houston, Texas-based FMC Technologies is a leading manufacturer and supplier of technology solutions for the energy industry. The company, which operates 19 manufacturing facilities in 14 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.
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