Petrobras has signed a frame agreement retaining the services of FMC Technologies for the Brazilian oil major's local offshore operations. As stated in an FTC press release announcing the news, the company will "provide equipment commissioning and offshore technical services in addition to maintenance, modification, storage, and logistics for Petrobras' subsea fields." The arrangement is to last for four years.
Neither the terms nor the financial details of the deal were revealed in the press release.
FMC pointed out that it has assisted Petrobras' subsea development activities for more than 30 years.
The Brazilian company recently said it aimed to raise roughly $20 billion this year from bank loans and debt issuance to help fund its current $237 billion investment plan.
The article Petrobras Inks Subsea Services Agreement With FMC Tech originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends FMC Technologies and Petrobras. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.