FMC Technologies

FMC Technologies

Type	Public company
Traded as	NYSE: FTI S&P 500 Component
Industry	Oil and Gas Equipment, Services
Founded	1884 (as the Bean Spray Pump Company) 1928 (as Food Machinery Corporation) 2001 (as FMC Technologies, Inc)
Headquarters	Houston, Texas, USA
Key people	John Gremp, Chairman, President and CEO
Products	Subsea production and processing systems Surface wellhead systems Fluid control equipment Measurement solutions Marine loading systems
Revenue	$7.126 Billion USD (2013)
Net income	$501.4 Million USD (2013)
Number of employees	19,300 (2013)
Website	www.fmctechnologies.com

FMC Technologies, Inc. is an American global provider of equipment and services for the energy industry. The company has approximately 19,700 employees and operates 30 production facilities in 16 countries. FMC Technologies designs, manufactures and services systems and products such as subsea production and processing systems, surface wellhead systems, high pressure pumps and fluid control equipment, measurement solutions and marine loading systems for the oil and gas industry. The company also specializes in subsea technologies that maximize recovery of hydrocarbons from challenging reservoirs.^[1]

FMC Technologies was incorporated in 2000 when FMC Corporation divested its machinery businesses. FMC Technologies has its headquarters in northern Houston, Texas.^[2]

FMC Technologies should not be confused with FMC Corp., which is a separate company, headquartered in Philadelphia, Pennsylvania.

History

In August 1927, brothers Arthur and Kirby Pennick of Houston founded Oil Center Tool (O-C-T) to produce pump liners and rods for the oilfields of East Texas. In 1930, O-C-T introduced a new type of casing head and tubing head that was an immediate success. Shortly there after the company introduced the first factory-assembled and tested completion wellheads (a.k.a. “Christmas trees” in oil field slang). At the time, Christmas trees were assembled and tested on-site: an expensive, time consuming, and dangerous practice.

In 1956, two brothers Paulo and Antonio Viana, both commanders in the Brazilian Navy with experience in the Naval ship yard, went into private business together founding Mecanica CBV. CBV stood for the initials of their father’s name Carlos Barbosa Viana. Their first customer was the National Motor Factory (FNM) for whom they manufactured wheels, axles, and crossheads.

In 1957, FMC Corp (Food, Machinery, and Chemicals), a growing conglomerate with its roots in the manufacture of spray pumps for California’s orchards, acquired OCT. They had already added other brands like WECO and Chiksan to their growing portfolio of oil field related machinery businesses.

In 1961, the president of OCT, Al Wolf, was in Brazil looking for a company to manufacture OCT products under license for the Brazilian market. While visiting Petrobras, he asked if they know of any potential candidates. CBV was among those recommended. He showed up at CBV unannounced around 7pm and found Commander Paulo and Antonio still at the plant. He showed the brothers an OCT product catalog (the first time they had seen a wellhead or Christmas tree) and signed a licensing agreement on the spot.

In 1967, Placid awarded OCT its first subsea project at Ship Shoal Block 204 in the Gulf of Mexico. In 1971, OCT undertook for Placid what was then the world’s largest subsea development at Eugene Island Block 296 in the GoM. These early subsea projects were installed in shallow waters (EI296 was at 200 ft) using modified surface Christmas tree technology.

In 1973, OCT was renamed as FMC’s Wellhead Equipment Division.

In 1975, FMC's Wellhead Equipment division expanded internationally, establishing manufacturing facilities in Dunfermline Scotland and Singapore.

In 1974, CBV pioneered the development of deepwater oil field technology in the Garoupa field of the Campos Basin using dry Christmas trees inside Lockheed-supplied pressure chambers.

In 1977, CBV delivered their first wet deepwater Christmas tree. Soon, CBV was producing diverless wet Christmas trees for ultra deep applications.

In 1980, FMC Corp made its first investments in deepwater subsea oil field technology. Previously they had concentrated on surface and shallow water applications.

In 1993, FMC Corp purchased Kongsberg Offshore from Siemens, making FMC the world's largest subsea engineering, procurement, and construction company. In 1998, FMC acquired a controlling interest in CBV.

In 2001, FMC Technologies was spun off from FMC Corp., taking with it the Energy Production, Food Tech, and Airport Systems divisions of FMC’s machinery business.

On April 30, 2008, FMC Technologies announced the spinoff of its airport and food equipment businesses into a separate company named John Bean Technologies Corporation, JBT Corporation, headquartered in Chicago, Illinois. JBT is named after the spray pump inventor whose business was the foundation of FMC Corp.

On October 20, 2009, the Company acquired Multi Phase Meters AS, and on November 2, 2009, acquired Direct Drive Systems, Inc.

In July 2010, the name of the employee credit union was finally changed from OCT Federal Credit Union to FMC Technologies Federal Credit Union.

On October 1, 2012, the company acquired Pure Energy Services.^[3]

Ownership in other companies

Fmc Technologies Bv fully owns FMC Technologies AS (formerly FMC Holding Norway AS between 1998^[4] and 2001^[5]), which fully owns^[6] Fmc Kongsberg Holding AS , which owns 0.1% in FMC Kongsberg Subsea AS .,^[7] and fully owns FMC Kongsberg Metering AS.^[8]

Leadership

John T. Gremp was appointed President and CEO of FMC Technologies, Inc. in March 2011 and became Chairman on October 31, 2011. Previously, John Gremp served as President and COO. In addition to serving on the Board of FMC Technologies, Inc., Mr. Gremp is on the Boards of Directors of the Petroleum Equipment Suppliers Association and the Offshore Energy Center.^[9]

References

External links

• FMC Technologies
• "John Bean Technologies Corporation General form for Registration of Securities"