FMC with record backlog of $3.9 billion in subsea systems
2008.02.15 -
Company News
Energy Production Systems’ inbound orders of $5.0 billion increased 77 percent over prior-year levels, an increase of $2.2 billion. Subsea systems inbound orders reached $4.4 billion in 2007, up 92 percent over 2006 as customer activity focused on deepwater projects including three awards for subsea processing systems.
Backlog at year-end was $4.2 billion, up 105 percent from year-end 2006. Subsea systems backlog was at a record level of $3.9 billion, up 118 percent from $1.8 billion in the prior year.
“We are very pleased with our results in 2007,” said Peter D. Kinnear, President and Chief Executive Officer. “We enter 2008 with a record backlog of $4.9 billion providing a solid base for continued growth this year and beyond. We are providing a full year estimate of 2008 diluted earnings per share in the range of $2.75 to $2.85 including FoodTech and Airport Systems, but excluding costs associated with the planned spin-off.”
Petroleum Geo-Services ASA ('PGS' or the Company) announced today that it has entered into a definitive agreement to acquire Applied Geophysical Services, Inc. (AGS) for a price of USD 51 million, subject to certain adjustments for changes in working capital. PGS estimates an enterprise value for AGS of approximately USD 46 million. AGS is based in Houston, Texas and specializes in providing advanced depth imaging services. The transaction is expected to close during the course of this week.
Total announces the acquisition of a 40% interest in three exploration permits northeast of Ichthys on the Australian Browse Basin jointly with Inpex (60%, operator). These interests were held by ConocoPhillips. This acquisition is subject to the approval of the Australian authorities.
Rowan Companies, Inc. (NYSE:RDC) announced today that it has entered into contracts with Keppel AmFELS, Inc. for the construction of four Super 116E class jack-ups. The rigs will be built at AmFELS' Brownsville, Texas shipyard, with delivery scheduled at approximately four-month intervals beginning in the second quarter of 2010.
Gaz de France has acquired a 45% stake in the Alam El Shawish West licence in Egypt from Vegas Oil & Gas.
Trico Marine Services, Inc. (NASDAQ: TRMA) ("Trico") and Active Subsea ASA (NOTC: ASUB) ("Active Subsea") today announced that Trico intends to make a voluntary offer for all outstanding shares, options and warrants of Active Subsea.
