FMC Technologies Announces Agreement with Anadarko, BP, ConocoPhillips and
Shell to Develop the Next Generation of Subsea Production Equipment
HOUSTON, July 21, 2014
HOUSTON, July 21, 2014 /PRNewswire/ --FMC Technologies, Inc. (NYSE: FTI)
announced today that it has signed an agreement which establishes a joint
industry program that includes Anadarko Petroleum Corporation, BP,
ConocoPhillips and Shell for the purpose of jointly developing a new
generation of standardized subsea production equipment and systems designed to
meet the challenges of producing oil and gas from deepwater reservoirs with
pressures of up to 20,000 psi and temperatures of 350°F at the mudline. FMC
Technologies brings four operators together to jointly develop subsea
equipment and systems that will meet the technical challenges of high
pressures and temperatures, and will serve to improve overall deepwater
development through the standardization of materials, processes, and
interfaces, as well as the enhancement of reliability and operability.
"This agreement is a clear illustration of how leading companies with a common
interest can come together to overcome the technological and economic
challenges facing our deepwater industry," said John Gremp, FMC Technologies'
Chairman, President and Chief Executive Officer. "By working together
collaboratively, we will continue to achieve technological innovations that
will enable us to safely develop some of the world's most promising fields and
take a large step toward providing new oil and natural gas resources to
consumers and superior returns to stakeholders."
FMC Technologies, Inc. (NYSE: FTI) is a leading global provider of technology
solutions for the energy industry. Named by Forbes® Magazine as one of the
World's Most Innovative Companies in 2013, the Company has approximately
19,500 employees and operates 30 production facilities in 17 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 word "expected" and similar
expressions are intended to identify forward-looking statements, which are
generally not historical in nature. Such forward-looking statements involve
significant risks, uncertainties 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 companies' ability to successfully develop new standardized subsea
production equipment and the ability of such equipment to be successfully
deployed to enable superior returns. For additional information regarding
known material factors that could cause actual results to differ from
projected results, please see the Company's Annual Report on Form 10-K for the
year ended December 31, 2013, as well as its other filings with the Securities
and Exchange Commission. 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.
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SOURCE FMC Technologies, Inc.
Contact: Investors Bradley Alexander, (281) 260-3665, or Media: Lisa Albiston,
(281) 931-2513, Patrick Kimball, (281) 405-6178
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