FMC Technologies to Acquire 45% of Schilling Robotics05/01/2009 |
| FMC Technologies and Schilling Robotics have entered into a definitive agreement whereby FMC Technologies will acquire a 45% interest in Schilling Robotics LLC for USD116 million in a transaction by 31st December 2008. The acquisition is expected to be accretive to FMC Technologies' earnings per share in 2009. |
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The acquisition partners two companies whose technologies enable subsea energy production worldwide. FMC Technologies is a 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 an 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 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.
Read more about: Environment ROV Website: http://www.fmctechnologies.com/ Supplier: Schilling Robotics More news from this supplier: 50th UHD ROV Ordered Dexterous Grabber Manipulator Seabed Soil Testing System UHD ROVs for OceanWorks Schilling Robotics Expands Team Clay Cottingham to Drive Customer Satisfaction Paul Whalen to Accelerate Systems Delivery Schilling Robotics Appointments Philip F. Otto Appointed Chief Executive Schilling Robotics Global Industries Expands ROV Capabilities Finistere and Mediterranean Bathymetric Lidar Surveys Precise Positioning For BP Vessels DP Inertial Navigation System for Drillship Plug-and-work Protocol Adopted Simulator Models Complex Sea Currents Monitoring the Shipwrecked Concordia New Australian Marine Research Vessel under Construction Mars-bound Instrument Detects Solar Burst's Effects Europeans Trained in Understanding Space Weather US Estimate: 15% Wave and Tidal Power by 2030 Comments (0): |
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