FMC Technologies (NYSE: FTI) Scores Contract with Pemex

Brian Hicks

Written By Brian Hicks

Posted January 24, 2014

Texas-based oilfield technology and services company FMC Technologies announced on Friday that it has won a three-year, $64 million contract to supply wellheads, support and maintenance for Pemex Exploration and Production operations in the Gulf of Mexico. The company has been dealing with Mexico’s state-run oil company for nearly a decade, and this is the most valuable contract the company has signed so far.

The End of OPEC

Saudi Arabia is massively rich, but it’s also massively unsustainable. A whopping 92 percent of its budget comes from oil exports, and a long-term decline in the cost of oil would be absolutely devastating. What could cause a long-term decline? The United States.

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