HOUSTON, Jan. 25, 2016 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it signed an agreement with Woodside for the design, manufacture and supply of subsea production systems for the Greater Western Flank Phase 2 (GWF-2) Project as part of the North West Shelf (NWS) Project in Western Australia. The contract is valued at approximately $180 million for FMC Technologies and includes: subsea production trees, wellheads, manifolds, subsea and topside controls, and flowline connection systems. Deliveries are expected to begin in 2016 and continue through 2018.
"Our continued collaboration on the North West Shelf Project further solidifies the 20-year relationship between FMC Technologies and Woodside," said Tore Halvorsen, Senior Vice President, Subsea Technologies. "This development assists with the timely and efficient commercialization of the project's gas reserves."
The GWF-2 Project is the fourth major gas development for the NWS Project in the last seven years and is expected to develop 1.6 trillion cubic feet of raw gas from its combined six fields using subsea infrastructure and 21.7 miles (35 kilometers) of 16 inch pipeline connecting to the existing Goodwyn A platform.
The GWF-2 Project is expected to begin production in 2019.
About FMC Technologies
FMC Technologies, Inc. (NYSE: FTI) is the global market leader in subsea systems and a leading provider of technologies and services to the oil and gas industry. We help our customers overcome their most difficult challenges, such as improving shale and subsea infrastructures and operations to reduce cost, maintain uptime, and maximize oil and gas recovery. Named by Forbes® Magazine as one of the World's Most Innovative Companies in 2013, the company has approximately 18,500 employees and operates 24 production facilities in 14 countries. Visit www.fmctechnologies.com or follow us on Twitter @FMC_Tech for more information.
This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The word "estimated" 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 Company's ability to successfully deliver, and Woodside's acceptance of, the subsea products ordered. 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, 2014, 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.
Photo - http://photos.prnewswire.com/prnh/20160125/325395
Logo - http://photos.prnewswire.com/prnh/20081222/LAM028LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fmc-technologies-awarded-180-million-subsea-systems-contract-on-australian-project-from-woodside-300209192.html
SOURCE FMC Technologies, Inc.