TechnipFMC (FTI) Clinches Major EPCI Contract From Equinor

TechnipFMC plc FTI recently secured a major contract from Equinor EQNR for engineering, procurement, construction and installation (EPCI) at the Breidablikk Pipelay including option for the subsea installation scope. For TechnipFMC, a “major” contract ranges between $75 million and $250 million.

Located at a water depth of 130 meters, the Breidablikk field is situated to the northeast of the Grane field and the project is a tie-back to the existing Grane platform. TechnipFMC’s scope includes provision of flexible jumpers and rigid pipelines as well as pipeline installation work. The Breidablikk development is contingent on the final approval by the Norwegian authorities.

Per Jonathan Landes, president, Subsea, at TechnipFMC, this currently Zacks Rank #3 (Hold) company’s close collaboration with Equinor signifies its intention to optimize the solutions and methodology for the pipelay installation. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In August 2020,this London-based TechnipFMC secured a major contract from Petrobras PBR for EPCI at the Mero 2 oil project.

Located 2,100 meters deep in the Santos Basin, off the coast of Brazil, the pre-salt Mero field is headed and operated by Petrobras through Libra Consortium, which was formed by Petrobras, Shell Brasil TOTAL TOT, CNPC, CNOOC Limited and Pré-sal Petróleo SA.

Per the agreement, TechnipFMC will provide engineering, procurement, construction, installation and pre-commissioning of the infield rigid riser and flowlines for production including the water alternate gas wells. The deal also consists of the installation and pre-commissioning of service flexible lines and steel tube umbilicals along with towing and connecting of the FPSO (floating production storage and offloading).

Brief on the Company

TechnipFMC is a leading manufacturer and supplier of products, services and fully-integrated technology solutions to the energy industry. The company formed from the January 2017 merger between Technip and FMC Technologies is engaged in designing, producing and servicing technologically-sophisticated systems and products for subsea, onshore/offshore and surface projects.

The company is set to release third-quarter 2020 results on Wednesday Oct 21, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s profit is 20 cents per share and for revenues is $3.29 billion.

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