Koil Energy Solutions Inc. (KLNG)

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FMC Technologies Wins $50 Million Order for Yttergryta Project

by FMC Technologies
Wednesday, May 28, 2008


FMC Technologies has signed an agreement with StatoilHydro for the supply of products and services to support development of the Yttergryta project. The agreement represents revenue of approximately $50 million for FMC Technologies.

The Yttergryta project is a gas field located approximately three miles (five kilometers) northwest of StatoilHydro's Asgard B development in the Norwegian Sea. FMC Technologies' scope of supply includes a horizontal subsea tree system, flow control module, choke, tubing hanger, flow base, umbilical and various monitoring and testing systems. Deliveries are expected to commence in the summer of 2008.

Commenting on the announcement, Tore Halvorsen, FMC Technologies' Senior Vice President of Global Subsea Production Systems, said, "We are proud of our relationship with StatoilHydro and our role in their exploration and production efforts