Thursday, March 3, 2011

BP (BP) in 5-Year Subsea Deal with FMC (FTI)

BP (NYSE:BP) and FMC Technologies, Inc. (NYSE:FTI) have reached a five-year deal for FMC to provide subsea production systems and life-of-field services for the worldwide subsea development projects of BP.

John Gremp, President and Chief Executive Officer of FMC Technologies, noted, "We have a strong relationship with BP and have supported a number of their projects in the world's most active deepwater basins. This includes innovative developments such as Thunder Horse in the Gulf of Mexico and Greater Plutonio offshore West Africa, and we are excited to further strengthen our alliance with today's frame agreement."

FMC closed Wednesday at $94.18, gaining $2.32, or 2.53 percent. BP closed at $47.74, up $0.14, or 0.29 percent.

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