ABB in $250-million deepwater development contract with BP

Specialized equipment is key to five-year supply deal

Zurich, Switzerland, March 23. 2001 – ABB has been awarded a five-year contract to supply well system equipment to the Gulf of Mexico deepwater development programs of petroleum and petrochemicals group BP.

The first phase of the contract, which includes an option to extend to 10 years, is valued at about US$ 250 million.

The scope of the order includes subsea wellhead equipment, drilling and production risers, and surface wellheads and trees for BP’s deepwater development program. The equipment will be manufactured and tested at ABB facilities in Houston, Texas.

ABB said the agreement is significant for its scope and duration. Gorm Gundersen, head of ABB’s Oil, Gas and Petrochemicals division, said the agreement “reflects the quality and reliability of our deepwater technology, where we are among the leading suppliers worldwide.”

The specialized equipment used in deep waters must be able to withstand the enormous pressure found at such depths – up to 2,100 meters (7,000 feet) – as well as the high operating temperatures that result. By providing cost-effective and reliable solutions, ABB aims to help oil companies recover more valuable resources more efficiently and more safely in areas that were once considered uneconomical.

ABB (www.abb.com) serves manufacturing, process and consumer industries, utilities, and the oil and gas markets, with 160,000 employees in more than 100 countries.

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