FMC Technologies to Increase Ownership of Schilling Robotics to 100 Percent
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."
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