FMC Technologies Inc.
), maker of oil drilling equipment, entered into a deal with
), for the manufacture and supply of subsea tools.
This recent deal is a part of a long-standing business
relationship between FMC Technologies and BP. Per the deal, FMC
Technologies will supply subsea trees, manifolds and jumper
equipment for the development of Mad Dog Phase 2 field. The field
is located in water depths of approximately 5,100 feet, close to
Green Canyon Block 825 of the Gulf of Mexico.
In February, FMC Technologies reported fourth-quarter results
with adjusted profit of 57 cents. The profit was in line with our
projection and was better than the profit of 41 cents in the
year-ago period. The performance was aided by Surface
Technologies' international surface wellhead business and strong
performance in the international market.
Houston, Texas-based FMC Technologies is a leading manufacturer
and supplier of technology solutions for the energy industry. FMC
Technologies conducts its operations in three segments: Subsea
Technologies, Surface Technologies and Energy Infrastructure.
FMC Technologies' strong backlog, which now stands at more than
$5 billion, not only reflects steady demand from its customers
but also offers long-term earnings and cash flow visibility. This
enables the company to navigate uncertainty better than many of
However, FMC Technologies relies on its ability to develop and
acquire essential products and technologies that drive its
operational performance and growth. The company might face
operational and financial dilemmas if it is unable to bring its
products to the market in time or if the technology and products
FMC Technologies currently retains a Zacks Rank #3 (Hold),
implying that it is expected to perform in line with the broader
U.S. equity market over the next one to three months.
In the energy sector,
Helmerich & Payne Inc
Range Resources Corporation
) display better fundamentals and currently carry a Zacks Rank #1
BP PLC (BP): Free Stock Analysis Report
FMC TECH INC (FTI): Free Stock Analysis
HELMERICH&PAYNE (HP): Free Stock Analysis
RANGE RESOURCES (RRC): Free Stock Analysis
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