Bloomberg News

FMC Climbs After $1.5 Billion Petrobras Agreement: Dallas Mover

March 29, 2012

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.

National Oilwell Varco Inc. (NOV:US) and Cameron International Corp. (CAM:US) are the first- and second-largest makers of oilfield equipment, respectively.

To contact the reporter on this story: Edward Klump in Houston at eklump@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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Companies Mentioned

  • FTI
    (FMC Technologies Inc)
    • $61.3 USD
    • 0.40
    • 0.65%
  • NOV
    (National Oilwell Varco Inc)
    • $86.03 USD
    • 0.45
    • 0.52%
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