NEWS

HOUSTON — FMC Technologies announced Friday the award of a new EPC contract with Statoil where Phase 1 of Johan Sverdrup field is the first call-off.

The contract has an estimated value of $172 million in revenue and includes subsea trees, subsea wellheads, manifolds and control systems integration.

A frame agreement for add-on systems and a frame agreement for subsea service offerings have also been signed.

Statoil’s Johan Sverdrup field will be the largest offshore oil find in Norway in 30 years, and it is estimated to hold between 1.7 Bboe and 3.0 Bboe. The field is expected to produce between 550,000 boed and 650,000 boed when it is fully developed, equal to about 25% of Norway’s current domestic output. Production is slated to start in late 2019.

“FMC Technologies’ long history of working with Statoil and proven track record for delivering leading-edge technologies made us a strong candidate for this award,” said Tore Halvorsen, senior V.P., Subsea Technologies, FMC. “We are excited to play a large role in what will most certainly be one of the most important developments in the region for generations to come.”