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FMC Technologies Gets $1.2 Billion Order From Total

FMC Technologies (NYSE: FTI  ) will be adding around $1.2 billion to its top line in the near future thanks to a big-name oil company's project in West Africa. The company announced it has received an order of that size from a Nigerian unit of France-based oil giant Total (NYSE: TOT  ) . FMC Technologies will supply subsea equipment for that country's Egina offshore field.

The large order includes goods such as trees and wellheads, manifolds, and flowline control systems. Delivery will begin in 2015.

According to the FMC Technologies, Egina is the largest subsea project in the region.

News of the Total deal comes after the company received orders from another European oil major, Royal Dutch Shell, and America's Anadarko for subsea equipment. Both require the goods for projects in the Gulf of Mexico.

In its most recently reported quarter, FMC Technologies posted revenue of $1.6 billion, an 18% increase from the same period the year before. Attributable net income was $102 million. 

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Related Tickers

9/26/2016 2:53 PM
FTI $27.55 Up +0.10 +0.36%
FMC Technologies CAPS Rating: ****
TOT $46.26 Down -0.27 -0.58%
Total CAPS Rating: ****