Subsea specialist FMC Technologies
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
There are a host of strong subsea operators, from Helix Energy Solutions
- Acergy has recently done an about-face -- as anticipated.
- The tide's rising for this offshore driller.
- Here's another offshore equipment provider that's raking it in.