Grenland and FMC Enter Subsea Supply Deal

Grenland Group and FMC Kongsberg Subsea, a division of FMC Technologies Inc. (NYSE: FTI) has signed a frame agreement to supply FMC with the components for the manufacture of subsea production systems. The agreement is valid for five years and is consistent with both parties' objectives to provide mutually competitive, world-class fabricated products to the subsea market.

The agreement shall provide a primary affiliation for the Norwegian Continental Shelf, as well as an enhanced leverage in the global markets. This collaboration will improve common business methodologies, core expertise and market potential. Grenland Group has cooperated closely with FMC Technologies since the early 1990's, and during the last two years has provided Grenland Group an annual turnover of approximately NOK 350 million.

With this frame agreement, and with a globally increasing subsea market, Greenland Group's annual turnover is expected to increase further.