TechnipFMC FTI has been awarded a significant engineering, procurement, construction, and installation (EPCI) contract by the oil and gas company, Wintershall Dea, for its Dvalin North project. It is worth between $75 and $250 million. According to TechnipFMC, this new contract is built on the success of previously installed subsea umbilicals, risers and flowlines in the Dvalin field.
The agreement covers pipe design, engineering, manufacturing and installation for the Dvalin North field, which will be linked to the Heidrun Platform via the existing Dvalin field on the Norwegian Continental Shelf (NCS).
Following an iEPCI (integrated EPCI Thato tract) that will extend the life of the Maria field in the NCS, TechnipFMC’s Dvalin North is the second biggest contract that Wintershall Dea awarded to the oilfield service provider in 2022.
The Dvalin field is being built as a subsea tieback to the Heidrun platform using an undersea template on the ocean floor. Four wells are being drilled using the template. Flowlines and umbilicals will connect to Heidrun.
The gas will be transferred from Dvalin to Heidrun via a 14.9-kilometer pipeline. It will then be transported via a 7.5-kilometer pipeline to the Polarled trunk line, where it will be further processed and delivered to the market via Gassled.
Currently, TechnipFMC carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at some better-ranked stocks like Helmerich & Payne HP and Patterson-UTI Energy PTEN, both sporting a Zacks Rank #1 (Strong Buy) and RPC Inc. RES, which holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Helmerich & Payne: Helmerich & Payne is valued at around $5.4 billion. Over the past 60 days, the Zacks Consensus Estimate for HP's fiscal 2023 earnings has been revised 18.8% higher.
Helmerich & Payne, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 124.2%, on average. In the past year, HP stock has increased by 69.9%.
Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.23%, on average.
Patterson-UTI is worth approximately $3.8 billion. Its shares have gained 68.4% in the past year.
RPC: RPC Inc. beat earnings estimates in all the trailing four quarters, the average being around 62%. The market capitalization of RES is $2.1 billion.
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