Teledyne Oil & Gas Announces Record Contract Award from Aker Solutions
Teledyne Technologies Incorporated (NYSE:TDY) today announced that its Teledyne Oil & Gas group has been awarded a contract by Aker Solutions for materials and engineering support covering subsea electrical and optical wet-mate interconnects. Shipments are expected to commence late in the fourth quarter of 2014 and continue throughout 2015.
In April 2014, Aker Solutions announced the award of a contract from Total to provide a subsea production system for the Kaombo Block 32 development, located approximately 150 kilometers off the coast of Angola. The project includes the delivery of 20 subsea manifolds, 65 vertical subsea wellsets, as well as associated controls and work-over and tie-in systems.
“Teledyne Oil & Gas has a well-established partnership with Aker Solutions,” said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne. “We are honored and pleased to be selected to play a significant role in the success of the Kaombo project.”
About Teledyne Oil & Gas
Headquartered in Daytona Beach, Fla., Teledyne Oil & Gas delivers engineered solutions for subsea and topside sensing and interconnection applications. Technology-focused capabilities include corrosion & erosion sensing, monitoring and systems integration, power and data transmission interconnection systems, subsea engineering and new product development, supported by materials expertise and reliability analysis.
About Teledyne Technologies
Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne Technologies’ operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe. For more information, visit Teledyne Technologies’ website at www.teledyne.com.
Forward-Looking Information Cautionary Notice
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, relating to a contract award. Actual results could differ materially from these forward-looking statements. Many factors could change anticipated results, including changes in demand for products sold to the energy exploration and production markets. Various risks, including risks associated with the offshore oil and gas industry, are identified in Teledyne’s 2013 Annual Report on Form 10-K.
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