FMC Technologies, Edison Chouest Offshore form subsea services JV
FMC Technologies, Inc. (NYSE: FTI) has formed a joint venture with Edison Chouest Offshore LLC. The new company will be based in Houston, the FTI press release said.
Utilizing the subsea technologies, tooling and expertise of FMC Technologies, and the vessel, port logistics and ROV operations of Edison Chouest Offshore, the new company intends to provide integrated vessel-based subsea services for offshore oil and gas fields globally. Services to be offered by the joint venture include equipment intervention, riserless light well intervention, plug and abandonment and other services. The company's objective is to provide cost-effective solutions to enhance the customer's ability to initiate, maintain, and increase production from subsea field developments through efficient operations, innovative technologies and a broad inventory of vessels and tools.
"We are pleased to be working with Edison Chouest Offshore to expand the portfolio of subsea services offered by FMC Technologies," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "This joint venture will provide integrated subsea solutions to address the growing needs of our customers to increase production and improve field recovery rates."
"We look forward to working with FMC Technologies on this new venture," said Dino Chouest, Vice President of Operations, Edison Chouest Offshore. "Their leadership in the subsea market combined with our expertise in marine transportation will bring new integrated technologies and operations to the development of subsea fields."
FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World's Most Admired Oil and Gas Equipment, Service Company in 2012, the Company has approximately 16,100 employees and operates 28 production facilities in 16 countries. FMC Technologies designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry.
This release contains "forward-looking statements," such as statements related to the future expectations regarding the joint venture, as defined in the Private Securities Litigation Reform Act of 1995. 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 joint venture's ability to negotiate contracts with future customers, operate and deliver services to such customers and our ability to integrate our products and technologies with those of Edison Chouest Offshore. For additional information regarding known material factors that could cause actual results to differ from projected results, please see our Annual Report on Form 10-K for the year ended December 31, 2011, as well as our other filings with the Securities and Exchange Commission. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake 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.
