Petrobras Inks Subsea Services Agreement With FMC Tech

Petrobras (NYSE: PBR  ) has signed a frame agreement retaining the services of FMC Technologies (NYSE: FTI  ) for the Brazilian oil major's local offshore operations. As stated in an FTC press release announcing the news, the company will "provide equipment commissioning and offshore technical services in addition to maintenance, modification, storage, and logistics for Petrobras' subsea fields." The arrangement is to last for four years.

Neither the terms nor the financial details of the deal were revealed in the press release.

FMC pointed out that it has assisted Petrobras' subsea development activities for more than 30 years.

The Brazilian company recently said it aimed to raise roughly $20 billion this year from bank loans and debt issuance to help fund its current $237 billion investment plan.

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FTI $28.53 Up +1.10 +4.01%
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