FMC to Supply Additional Subsea Systems for the Agbami Project

FMC Technologies has received approval to supply an additional 11 subsea trees and associated structures and control systems for the Agbami Project, offshore Nigeria. The contract with Star Deep Water Petroleum Limited, an affiliate of Chevron, has a value of approximately $54 million in revenue to FMC Technologies.

The manufacture of these trees and systems is under an existing contract to supply subsea equipment awarded to FMC in 2005. Deliveries will be completed over a multi-year period and are scheduled to commence in the third quarter of 2008.

"We are pleased to receive the approval to supply these additional trees," said John Gremp, Executive Vice President, FMC Technologies. "Our experience with the Agbami Project combined with our growing local presence in Nigeria should contribute to the successful execution of this contract."

The Agbami Field covers approximately 45,000 acres across OMLs 127 and 128, in water depths of approximately 4,800 feet (1,500 meters). The field is approximately 70 miles (113 km) offshore Nigeria, in the central Niger Delta Area. The Agbami Field is operated by Star Deep Water Petroleum Limited on behalf of its partners, NNPC, Famfa Oil Limited, Statoil Nigeria Limited, Petroleo Brasileiro Nigeria Limited and Texaco Nigeria Outer Shelf Inc. (a Chevron affiliate).