HOUSTON & DAVIS, Calif.--(Business Wire)--
FMC Technologies, Inc. (NYSE:FTI) and Schilling Robotics announced today that
they have entered into a definitive agreement whereby FMC Technologies will
acquire a 45% interest in Schilling Robotics LLC for $116 million in a
transaction expected to close no later than December 31, 2008. The acquisition
is expected to be accretive to FMC Technologies` earnings per share in 2009.
The acquisition partners two companies whose innovative technologies enable
subsea energy production worldwide. FMC Technologies is the leading manufacturer
and supplier of subsea production systems. Schilling Robotics is a leading
producer of ROVs (remotely operated vehicles), ROV manipulator systems, control
systems, and other high-technology equipment and services for oil and gas subsea
exploration and production.
FMC Technologies Chairman, President and CEO Peter D. Kinnear said, "This is a
unique and exciting opportunity to expand our subsea business in a new
direction. Our global subsea franchise will assist Schilling Robotics in
extending its reach worldwide and better position it to serve its customers.
Additionally, the relationship will allow FMC to participate more fully in the
increasing integration of remote activities performed on the seabed such as
subsea processing, well intervention and production optimization."
Schilling Robotics Chairman Tyler Schilling commented on the strategic
implications for Schilling, "Our partnership with FMC is a logical outcome of
the growth trajectory we have been on for many years. FMC understands and
endorses our strategy to introduce innovative digital technologies in response
to the growing communications and control challenges facing our customers in the
subsea environment. In the last few years we have undertaken numerous
initiatives that expand our participation in this major market."
In addition to its expected purchase of 45% of Schilling by year end, FMC
Technologies is acquiring the rights to exercise an option over the two-year
period beginning in 2012 to acquire the remaining 55% of the company.
FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology
solutions for the energy industry. The Company 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. Named by FORTUNE Magazine as America's Most Admired Oil and
Gas Equipment, Service Company in 2005, 2006 and 2008, FMC Technologies has
approximately 10,000 employees and operates 23 manufacturing facilities in 19
countries.For more information visit www.fmctechnologies.com.
This release contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
information of a non-historical nature and are subject to risks and
uncertainties that are beyond the Company's ability to control. These risks and
uncertainties are described under the caption "Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended December 31, 2007 and may be
modified in subsequent quarterly reports filed by the Company with the
Securities and Exchange Commission that may be accessed on the Company's
website. The Company cautions shareholders and prospective investors that actual
results may differ materially from those indicated by the forward-looking
statements.
Schilling Robotics, a global, deep-ocean robotics company, was founded in
1985.Its customers include offshore oilfield equipment and service providers
such as Acergy UK Ltd, Bourbon Subsea Services, Expro North Sea Ltd, and
Oceaneering International. Schilling is headquartered in Davis, California and
has regional offices in Houston, Texas and Aberdeen Scotland, with a total staff
of more than 300. Further information about Schilling Robotics can be found at
www.schilling.com.The Schilling Business Diary includes information about
Schilling, the ROV industry, and emerging technology in offshore exploration.
www.globalprovince.com/schillingroboticsindex.htm
FMC Technologies
Investors:
Rob Cherry, 281-591-4560
or
Media:
Ellen Bates, 281-445-6559
or
Michael King, 281-931-2540
or
For Schilling Robotics
Media:
Meagan Anderson, 530-747-2763
Copyright Business Wire 2008
