FMC Technologies rises on Shell contract

NEW YORK — Shares of FMC Technologies Inc. rose Tuesday after the oil and gas drilling equipment maker said it will make some systems for a floating natural gas processing plant planned by Royal Dutch Shell PLC.

THE SPARK: The Houston company said late Monday that it signed an agreement to provide subsea production and associated topside systems for Shell's Prelude FLNG project. It said it will receive orders associated with the contract through the rest of 2011. The companies did not disclose terms of the agreement.

THE BIG PICTURE: Prelude FLNG will be anchored off the Australian coast and is intended to take in 110,000 barrels per day in liquid natural gas. The plant will be the biggest floating man-made object ever built.

SHARE ACTION: Shares of FMC Technologies rose $2.05, or 5.1 percent, to $42.42 in afternoon trading.