Subsea specialist FMC Technologies (NYSE: FTI) has made quite a splash lately.

There were the tremendous earnings results: Operating profit was up 53% for the energy production systems segment, all energy-related backlog hit a record $4.6 billion, and the company raised full-year guidance. Offshore oil and gas producers have a need for subsea trees, and FMC is here to please. (Trees help move oil or gas from the well to a pipeline.)

Aside from the quarterly numbers, FMC made some very big announcements in the past few weeks. The first one was about its alliance with privately held LLOG Exploration, which recently made several deepwater discoveries in the Gulf of Mexico. LLOG handed FMC a multiyear award to work on various development projects tied to LLOG's production pipeline.

Next came similar supply and service deals with both Devon Energy (NYSE: DVN) and Anadarko (NYSE: APC). The first deal is a global agreement covering Devon's entire offshore portfolio. The Anadarko alliance is limited to the Gulf of Mexico, where Anadarko has the largest presence among independents. Both agreements are for five years.

There are a host of strong subsea operators, from Helix Energy Solutions (NYSE: HLX) to Acergy (Nasdaq: ACGY). But with this slew of awards, FMC is arguably the king of the offshore. And just in case anyone was distracted by the company's non-energy segments, FMC is moving forward with a tax-free spinoff of its FoodTech and airport systems businesses. By the middle of the year, you'll be looking at a pure subsea player with a tremendously bright outlook -- which merits a bit of a premium, in my book.

FMC is rated four out of five stars in Motley Fool CAPS. So, will it sink or swim? It's your call.

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Fool contributor Toby Shute doesn't have a position in any company mentioned. The Motley Fool has a disclosure policy.