FMC acquires Schilling Robotics interest

FMC Technologies has acquired a 45% interest in Schilling Robotics for $116 million. The transaction is expected to close by year end.

Offshore staff

HOUSTON -- FMC Technologies has acquired a 45% interest in Schilling Robotics for $116 million. The transaction is expected to close by year end.

"Our global subsea franchise will assist Schilling Robotics in extending its reach worldwide and better position it to serve its customers," says Peter D. Kinnear, FMC Technologies chairman, president, and CEO. "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."

FMC Technologies is also acquiring the rights to exercise an option over the two-year period beginning in 2012 to acquire the remaining 55% of the company.

12/29/2008

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