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TechnipFMC (FTI) Clinches Major EPCI Contract From Equinor

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TechnipFMC plc (FTI - Free Report) recently secured a major contract from Equinor (EQNR - Free Report) for engineering, procurement, construction and installation (EPCI) on the Kristin Sør field in North Sea. For the company, a major contract is worth a value ranging between $75 million and $250 million.

TechnipFMC will deliver rigid pipes, static and dynamic umbilicals plus pipeline and marine installation of the subsea production facilities, depending on the conditions of the contract. The company's operational centre in Oslo, Norway will oversee the project with fabrication taking place at the company's sites in Norway and the United Kingdom.

Jonathan Landes, the company’s president in charge of subsea, stated that, “We are proud to collaborate closely with Equinor once again, working together from early in the front-end and concept phase to develop optimized solutions and methodology for the installation for Kristin Sør. This project will also utilize Deep Arctic, which is equipped with hybrid battery solutions to reduce emissions.”

Further, TechnipFMC obtained a significant subsea contract from oil major Petrobras S.A. (PBR - Free Report)  for the Búzios 6-9 fields located in the Santos Basin offshore Brazil. Per the terms of the deal, the company will provide subsea trees with controls, electrical and hydraulic distribution units, topside systems as well as installation and intervention support with rental tools.

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, founded by the January 2017 merger of Technip and FMC Technologies, is engaged in designing, producing and servicing technologically-sophisticated systems and products for subsea, onshore/offshore and surface projects.

Zacks Rank & Key Pick

TechnipFMC currently has a Zacks Rank #3 (Hold). A better-ranked stock in the energy  space is Baker Hughes Company (BKR - Free Report) , presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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