Shares of TechnipFMC PLC, one of the world’s biggest makers of offshore oil gear, surged to the highest in a decade on signs of a robust outlook that underscores the industry’s optimism over production at sea.
Energy tech provider TechnipFMC has secured an integrated engineering, procurement, construction, and installation (iEPCI) contract for Equinor ASA’s Heidrun extension project. TechnipFMC said in a media release that the award follows an integrated front-end engineering and design study it had already completed.
TechnipFMC has been awarded a significant(1) integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Equinor for its Heidrun extension project in the Norwegian North Sea.
TechnipFMC’s eSolutions platform supports field simplification by using standard system components with a track record of reliability. The company’s configure-to-order approach is said to enable standardization across subsea developments, with key parts of the electrical safety system including the 800-series controls and electric actuators.
TechnipFMC has raked in contracts for integrated engineering, procurement, construction and installation (EPCI) of subsea infrastructure in deepwater projects and mature basins. It anticipates winning more contract work in these regions, particularly offshore Brazil, Guyana, USA, and in West Africa and the North Sea, while new frontiers are emerging in Cyprus, India, Mozambique, Namibia and Suriname.
Subsea logged a first-quarter revenue of $1.9 billion, a decrease of 5.5 percent from the fourth quarter, the company said. Year-over-year revenue jumped 11.6 percent. The sequential decline resulted from decreased activity in Africa, the North Sea, and the Gulf of America, along with a drop in services activity attributed to normal offshore seasonality. This was somewhat balanced by an increase in project activity in Asia-Pacific and Brazil, the company said.
TechnipFMC has been awarded a large(1) integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Equinor for the Johan Sverdrup Phase 3 development in the Norwegian North Sea.
The Johan Sverdrup field, which originally began production in 2019, is now one of the largest developments in the region. This latest phase will increase production by tying in additional wells to the current infrastructure, which is powered by low-emission resources onshore.
Cairn Oil & Gas, part of Vedanta Group and India’s largest private oil and gas exploration and production company, has entered into a strategic alliance with TechnipFMC to accelerate the delivery of integrated subsea infrastructure for future deepwater projects in India.
TechnipFMC has been awarded a substantial(1) contract by Shell Nigeria Exploration and Production Company Limited to supply Subsea 2.0® production systems for the Bonga North development in Nigeria
TechnipFMC plc has secured an integrated engineering, procurement, construction, and installation (iEPCI) contract from TotalEnergies for its GranMorgu project on Block 58, the first oil and gas development offshore Suriname.