FMC Technologies Inc. (FTI:US), the third- largest U.S. oilfield-equipment maker, rose the most in almost two months after signing an agreement with Petroleo Brasileiro SA (PETR4) worth as much as $1.5 billion in revenue.
FMC climbed 2.7 percent to $49.77 at the close in New York, the biggest increase since Feb. 1.
The four-year agreement calls for FMC to supply pre-salt subsea equipment that can be used in depths up to 8,200 feet (2,500 meters) off the coast of Brazil, the Houston-based company said in a statement today. An initial part of the contract with Petrobras, as Brazil’s national oil company is known, is valued at about $900 million in revenue, FMC said.
To contact the reporter on this story: Edward Klump in Houston at firstname.lastname@example.org
To contact the editor responsible for this story: Susan Warren at email@example.com