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TechnipFMC (FTI) Secures Two Major Contracts From Equinor
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TechnipFMC, (FTI - Free Report) a leading global provider of subsea systems and services for the oil and gas industry, has been awarded two significant subsea contracts by Equinor (EQNR - Free Report) for projects in the Norwegian and North Seas. The contracts involve the delivery and installation of subsea equipment and systems for Equinor's new developments and expansions. They also demonstrate TechnipFMC's expertise and reputation in the subsea sector. TechnipFMC considers a contract in the range of $75 million-$250 million as "significant." The exact value of the contracts awarded by the Norway-based energy major to TechnipFMC has not been disclosed.
The first contract involves the delivery and installation of subsea equipment for Equinor's IRPA development, which will be tied back to the existing Norne FPSO. The equipment includes umbilicals, subsea production systems and subsea structures. This contract is an excellent opportunity for the company to showcase its capabilities in subsea equipment and services, and solidify its relationship with Equinor.
The second contract is for the Verdande field, another new development that will be tied back to the existing Njord A platform. TechnipFMC will deliver and install subsea trees, wellheads, manifolds and control systems for this project. The company's ability to deliver high-quality subsea equipment and systems on time and within budget is one of the reasons why it has been awarded this contract.
TechnipFMC is a global leader in the subsea market, with expertise in underwater engineering and construction. Its customizable subsea technologies are designed to operate in challenging offshore environments, and the company has a strong track record of delivering cost-effective and efficient solutions to its customers. TechnipFMC's global presence and customer-focused approach give it a competitive edge in the subsea market.
Zacks Rank and Key Picks
Currently, TechnipFMC, Inc. carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at stocks like ProPetro Holding (PUMP - Free Report) sporting a Zacks Rank #1 (Strong Buy) and Helmerich & Payne (HP - Free Report) holding a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
PUMP currently has a forward P/E ratio of 4.49. In comparison, its industry has an average forward P/E of 25.60, which means PUMP is trading at a discount to the group.
ProPetro Holding is worth approximately $1.07 billion. Its shares have declined 23.2% in the past year.
Helmerich & Payne is valued at around $4.43 billion. Helmerich & Payne, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 130.98% on average.
Over the past 60 days, the Zacks Consensus Estimate for HP's fiscal 2023 earnings has been revised by 18.8%. In the past year, HP stock has increased by 26.1%.
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TechnipFMC (FTI) Secures Two Major Contracts From Equinor
TechnipFMC, (FTI - Free Report) a leading global provider of subsea systems and services for the oil and gas industry, has been awarded two significant subsea contracts by Equinor (EQNR - Free Report) for projects in the Norwegian and North Seas. The contracts involve the delivery and installation of subsea equipment and systems for Equinor's new developments and expansions. They also demonstrate TechnipFMC's expertise and reputation in the subsea sector. TechnipFMC considers a contract in the range of $75 million-$250 million as "significant." The exact value of the contracts awarded by the Norway-based energy major to TechnipFMC has not been disclosed.
The first contract involves the delivery and installation of subsea equipment for Equinor's IRPA development, which will be tied back to the existing Norne FPSO. The equipment includes umbilicals, subsea production systems and subsea structures. This contract is an excellent opportunity for the company to showcase its capabilities in subsea equipment and services, and solidify its relationship with Equinor.
The second contract is for the Verdande field, another new development that will be tied back to the existing Njord A platform. TechnipFMC will deliver and install subsea trees, wellheads, manifolds and control systems for this project. The company's ability to deliver high-quality subsea equipment and systems on time and within budget is one of the reasons why it has been awarded this contract.
TechnipFMC is a global leader in the subsea market, with expertise in underwater engineering and construction. Its customizable subsea technologies are designed to operate in challenging offshore environments, and the company has a strong track record of delivering cost-effective and efficient solutions to its customers. TechnipFMC's global presence and customer-focused approach give it a competitive edge in the subsea market.
Zacks Rank and Key Picks
Currently, TechnipFMC, Inc. carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at stocks like ProPetro Holding (PUMP - Free Report) sporting a Zacks Rank #1 (Strong Buy) and Helmerich & Payne (HP - Free Report) holding a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
PUMP currently has a forward P/E ratio of 4.49. In comparison, its industry has an average forward P/E of 25.60, which means PUMP is trading at a discount to the group.
ProPetro Holding is worth approximately $1.07 billion. Its shares have declined 23.2% in the past year.
Helmerich & Payne is valued at around $4.43 billion. Helmerich & Payne, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 130.98% on average.
Over the past 60 days, the Zacks Consensus Estimate for HP's fiscal 2023 earnings has been revised by 18.8%. In the past year, HP stock has increased by 26.1%.