FMC Options For Full Ownership Of Schilling Robotics

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

To acquire remaining 55% interest in subsea remote operated vehicle manufacturer for total 100% ownership.

FMC Technologies Inc. gave notice to exercise its purchase option for the remaining 55% of outstanding shares of Schilling Robotics LLC. The transaction is expected to close on or about March 30, 2012.

FMC purchased its existing 45% interest in Schilling and obtained the purchase option in 2008.

Schilling is a leading producer of remotely operated vehicles (ROVs), ROV manipulator systems, control systems and other high-technology equipment and services for oil and gas subsea exploration and production. FMC and Schilling have collaborated on a variety of projects and technology advances over the past three years, including an innovative control system for Petrobras' Congro/Corvina project that will use subsea robotics technology to operate the manifold and separation station valves.