Wednesday, 30 June 2010

Petrobras signs a $300 million equipment deal

Petrobras has announced that it has signed a four-year subsea manifold frame agreement with FMC Technologies. The deal is said to be worth around $300 million, providing Petrobras is going to order all the equipment included in the agreement. The deal contains a clause which stipulates that 75 per cent of the contracted equipment will be ordered during the contract's four-year call-off period.

According to agreed terms FMC will manufacture up to eight subsea manifolds with subsea multiplex control systems. All equipment is expected to be engineered and manufactured at FMC's facility in Rio de Janeiro, with deliveries scheduled to commence in 2012.

"In February Petrobras awarded FMC a long-term subsea tree frame agreement. Today's four-year manifold agreement further strengthens our ability to support their ongoing and future activities, including deepwater and pre-salt developments,"
said John Gremp, FMC's president and chief operating officer.

The news of the deal with FMC comes shortly after Petrobras has agreed to pay out R$1million to the Brazilian securities regulator, following charges of inadequate market notice of an oil discovery, back in 2007.

To find out more about Petrobras, please visit the Petrobras web site, which you can find here.

To find out more about FMC Techenologies please visit the FMC Technologies webs site, which you can find here.

For more news and expert analysis about Brazil please see Brazil Focus.

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