HOUSTON, May 23, 2012 /PRNewswire/ --FMC Technologies, Inc.(NYSE:FTI) announced today that it has signed two five-year contracts with Island Offshore Management AS to supply Light Well Intervention (LWI) services for use by Statoil in the North Sea, contingent on approval from Statoil's partners. Each contract contains options for two, two-year extensions.
FMC's LWI services enable cost effective intervention and maintenance operations to be performed on existing subsea wells, resulting in higher recovery rates and accelerated production volumes in mature subsea oil fields. The contracts will commence when the existing LWI contracts between the companies expire in 2015. The well intervention activities will be conducted from two Island Offshore vessels, the Island Frontier and the Island Wellserver.
"Reducing the cost of operations and increasing oil recovery are two key benefits of the LWI system," said Tore Halvorsen, FMC's Senior Vice President of Subsea Technologies. "Demand for these services will continue to grow as the number of subsea wells increase, and we are pleased to continue to support Statoil with our LWI services."
FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World's Most Admired Oil and Gas Equipment, Service Company in 2012, the Company has approximately 14,900 employees and operates 27 production facilities in 16 countries. FMC Technologies 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. For more information, visit www.fmctechnologies.com.
This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" and similar expressions, including the negative thereof, are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that any projected results or events will be achieved.
All of the Company's forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company's control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ from those in the forward-looking statements include the Company's ability to enter into additional projects with Island Offshore or Statoil, the amount of subsea equipment actually ordered pursuant to the agreement and the Company's ability to successfully manufacture and deliver, and Island Offshore's and Statoil's acceptance of, the subsea systems ordered. For additional information regarding known material factors that could cause actual results to differ from projected results, please see the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any of its forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
SOURCE FMC Technologies