FMC Tech Gets Chevron Contract
Houston-based machinery manufacturer
FMC Technologies
(FTI) - Get Report
said it received a contract from
Chevron Frade
, a subsidiary of
Chevron
(CVX) - Get Report
, to supply subsea systems for its Frade project, offshore Brazil.
The value of the contract is about $130 million, the company said.
The contract includes supplying the Frade project with 19 enhanced horizontal subsea trees, wellheads, pipeline end manifolds with associated structures, production control systems and other related equipment.
The Frade discovery is located in the North Campos Basin, about 110 km off the Brazilian coast and 215 km northeast of Macae at a water depth of roughly 4,000 feet.
FMC Technologies' stock was recently trading up 51 cents, or nearly 1%, at $58.66.
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