FMC Technologies downgraded to Sector Perform from Outperform at RBC Capital RBC Capital downgraded FMC Technologies citing uncertainty around the company's major subsea awards. The firm keeps a $47 price target for shares.
FMC Technologies awarded $393M subsea systems contract FMC Technologies announced that it has received an order from Eni Angola to supply subsea production systems for its deepwater Block 15/06 East Hub development. The order has an estimated value of $393M in revenue. Eni is the operator of Block 15/06, while Sonangol EP is the concessionaire. The other partners of the joint venture are Sonangol Pesquisa e Produção, SSI Fifteen Limited and Falcon Oil Holding Angola SA.