Oil drilling equipment maker
FMC Technologies Inc.
) announced the receipt of a $720 million contract from Italian
) to supply subsea technology solutions for its deepwater
Jangkrik project offshore Indonesia.
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FMC Technologies, which already has a strong presence in
Indonesia, said that the deal includes the development of subsea
trees, manifolds, umbilicals, jumpers and connection systems,
tooling, related subsea control systems and systems integration.
The FMC Technologies-supplied subsea production systems will aid
the fast track development of the Jangkrik development, located
in the Muara Bakau working area, in Makassar Straits offshore
Incorporated in 2000, Houston, Texas-based FMC Technologies is a
leading manufacturer and supplier of technology solutions for the
energy industry. The company, which operates 30 manufacturing
facilities in 16 countries, is engaged in the designing,
producing and servicing technologically sophisticated systems and
products such as subsea production and processing systems,
surface wellhead production systems, high pressure fluid control
equipment, measurement solutions, and marine loading systems for
the oil and gas industry.
FMC Technologies - which counts
Cameron International Corp.
) as its competitor - currently retains a Zacks Rank #3 (Hold),
implying that it is expected perform in line with the broader
U.S. equity market over the next one to three months.
The company has a diversified product portfolio, specialty
service capabilities and proprietary technological expertise.
Other positives for FMC Technologies include a strong backlog
position, growing international operations and a favorable
outlook for subsea activity levels. However, with markets
remaining competitive and pricing likely to be weak, any
substantial capital appreciation is not likely.
A better-ranked stock in the oilfield machineries and equipment
sector would be
Matrix Service Co.
), which carries a Zacks Rank #1 (Strong Buy).