FMC Technologies, Inc. (NYSE: FTI) announced today that it has given notice to exercise its purchase option for the remaining 55% of outstanding shares of Schilling Robotics LLC ("Schilling").
HOUSTON, Jan. 3, 2012 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) announced today that it has given notice to exercise its purchase option for the remaining 55% of outstanding shares of Schilling Robotics LLC ("Schilling"). The transaction is expected to close on or about March 30, 2012. FMC purchased its existing 45% interest in Schilling and obtained the purchase option in 2008.
Schilling is a leading producer of remotely operated vehicles ("ROVs"), ROV manipulator systems, control systems and other high-technology equipment and services for oil and gas subsea exploration and production. FMC and Schilling have collaborated on a variety of projects and technology advances over the past three years, including an innovative control system for Petrobras' Congro/Corvina project that will use subsea robotics technology to operate the manifold and separation station valves.
"We are pleased that Schilling will become part of FMC," said John Gremp, Chairman, President and CEO of FMC Technologies. "Their technologies will help us develop additional solutions to further strengthen our subsea leadership position."
Tyler Schilling, Chairman and President of Schilling, added, "Since partnering with FMC in 2008, we have expanded our global presence and participated in some of the industry's most innovative projects. Our employees are excited about joining FMC and the future opportunities that exist to develop subsea technologies for our customers."
FMC Technologies, Inc. (NYSE: FTI) is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World's Most Admired Oil and Gas Equipment, Service Company in 2010, the Company has approximately 13,500 employees and operates 27 production facilities in 16 countries. FMC Technologies designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. For more information, visit www.fmctechnologies.com.
This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" and similar expressions, including the negative thereof, are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that any projected results or events will be achieved.
All of the Company's forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company's control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks and uncertainties include, but are not limited to, satisfaction of the conditions to the closing of the transaction; costs and difficulties related to the integration of Schilling's businesses and operations; delays, costs and difficulties relating to the transaction. For additional information regarding known material factors that could cause actual results to differ from projected results, please see the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any of its forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
SOURCE FMC Technologies, Inc.