FMC Technologies, Inc. (NYSE: FTI) announced today that it has signed an agreement with Statoil for the manufacture and supply of a Workover System (WOS) to be installed on the Snorre B platform. The award has an approximate value of $114 million in revenue.
The new WOS will replace an earlier system and will allow Statoil to perform intervention activities designed to increase performance and oil recovery from the field's subsea wells.
"This workover system is designed to support Statoil's standardized subsea equipment and its scheduling program for Snorre B," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "By standardizing the workover system, rig time can be more efficiently allocated, reducing costs and enhancing productivity."
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 19,000 employees and operates 30 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.
