FMC Technologies signs revised contract with Sonatrach in Algeria
FMC Technologies has revised a contract with the Algerian Oil and Gas Company Sonatrach an offshore oil loading project in the Arab state, reducing the scope of FMC Technologies' work from $240 million to $224 million.
The revised contract terms eliminate certain efforts associated with the project's onshore pipeline construction and extend the completion date to May 2005. This revision removes uncertainty from the contract's scope and schedule and from the interpretation of contract terms, according to a company news release. It does not, however, significantly improve profit opportunities. At this time, FMC Technologies expects a breakeven profit level on this contract.
FMC Technologies provides technology solutions for the energy, food processing and air transportation industries. The company designs, manufactures and services systems and products for its customers through its Energy Systems, FoodTech and Airport Systems businesses. — (menareport.com)
© 2004 Mena Report (www.menareport.com)