FMC Technologies, Petrobras to Develop Future Subsea Solutions

FMC Technologies has signed a memorandum of understanding with Petrobras to develop future subsea technology solutions for its oil and gas projects offshore Brazil.

The agreement includes the development of innovative and cost effective subsea production systems to address the challenges associated with Petrobras' pre-salt oil and gas fields. It also includes the design of subsea processing technologies that can increase recovery rates at Petrobras' maturing oil and gas fields. Both companies anticipate a portfolio of subsea solutions will result from this announcement.

"Today's agreement enhances our strong presence in Brazil and will play an important role in the development of systems that can effectively produce hydrocarbons in Brazil's deepwater and pre-salt environments," said John Gremp, FMC's President and Chief Operating Officer. "We are proud to have supported Petrobras' many subsea processing achievements and are confident this agreement, as well as our Technology Center in Rio de Janeiro, will further strengthen our collaborative efforts."

FMC Technologies' presence in Brazil began in 1956 and currently includes two manufacturing facilities in Rio de Janeiro and one service base in Macae. Construction of the Technology Center, announced in July of 2010, is expected to be completed in the first half of 2011.