Energy industry technology solutions provider FMC Technologies Inc. was awarded a $33 million contract by Statoil for the supply of 10 production risers and tieback connectors for the Snorre field.
The project scope continues to increase as FTI has been the supplier of subsea equipment for over 20 years at this location.
"One more small award in the hopper before year-end and we expect a few more to hit as FTI comes in just below the midpoint of its order guidance for 2012. Unfortunately, the large awards are unlikely to come through to provide the big catalyst that we believe is needed to get the stock working again," noted Global Hunter Securities analysts following the announcement.
