FMC Technologies, Inc. announced the award of a new EPC contract with Statoil where Phase 1 of the Johan Sverdrup field is the first call-off. The contract has an estimated value of $172 million in revenue and includes subsea trees, subsea wellheads, manifolds, and control systems integration.

A frame agreement for add-on systems and a frame agreement for subsea service offerings have also been signed.

Statoil's Johan Sverdrup field will be the largest offshore oil find in Norway in 30 years, and it is estimated to hold 1.7 billion to 3.0 billion barrels of oil equivalents. The field is expected to produce 550,000 - 650,000 barrels of oil equivalents a day when fully developed, equal to about 25 percent of current domestic output. Production is slated to start in late 2019.

"FMC Technologies' long history of working with Statoil and proven track record for delivering leading-edge technologies made us a strong candidate for this award," said Tore Halvorsen, Senior Vice President, Subsea Technologies. "We are excited to play a large role in what will most certainly be one of the most important developments in the region for generations to come."

About FMC Technologies

FMC Technologies, Inc. (NYSE: FTI) is the global market leader in subsea systems and a leading provider of technologies and services to the oil and gas industry. We help our customers overcome their most difficult challenges, such as improving shale and subsea infrastructures and operations to reduce cost, maintain uptime, and maximize oil and gas recovery. Named by Forbes® Magazine as one of the World's Most Innovative Companies in 2013, the company has approximately 19,000 employees and operates 24 production facilities in 14 countries.

About Statoil

Statoil ASA (OSE: STL, NYSE: STO) is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Stavanger, Norway, with approximately 23,000 employees worldwide, and are listed on the Oslo and New York stock exchanges.