By Houston Business Journal

FMC Technologies Inc. has been awarded an $80 million contract by Total Exploration & Production Angola to supply subsea production equipment.

Total will use the equipment on its Girassol Resource Initiative project offshore West Africa.

Houston-based FMC (NYSE: FTI) has already supplied other equipment for the project, and this new award brings the value of the companyâ¿¿s work on the project to about $180 million.

Stephen Gengaro and David Duong, analysts with Jeffries & Co., said in a note to investors Wednesday that FMC Technologies ⿿remains one of the best ways for investors to play the strong demand for subsea equipment in the coming years, in our opinion. Near term, rapid growth in fluid control driven by domestic pressure pumping should partially offset the lower margin backlog flowing through subsea.⿝

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/01/19/fmc-technologies-wins-more-total-work.html?ana=thestreet
Copyright bizjournals.com 2010