Statoil Chose US Equipment

Norway?s oil and gas firm Statoil extended its service and subsea equipment contract for two years with US drilling equipment producer FMC Technologies Inc.

FMC Technologies estimated its FMC Kongsberg Subsea AS unit will receive $70 million in 2004 from the agreement, but said future revenue from the contract will depend on the number and timing of project orders.

The amended contract also includes an option for another two-year renewal, the company said.