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Technip (FTI) Wins Yellowtail Development Work Off Guyana
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The French-American, U.K.-domiciled oilfield services major, TechnipFMC (FTI - Free Report) , recently announced that it has been granted an additional contract and the notice to proceed with work on the Yellowtail development in the Stabroek block offshore Guyana by oil giant ExxonMobil’s (XOM - Free Report) affiliate Esso Exploration and Production Guyana Limited.
The contract, which is ‘significant’ per TechnipFMC, is believed to be valued between $75 million and $250 million and covers six risers, which are capable of withstanding high pressure and high temperature.
TechnipFMC also got the full notice to go ahead with the formerly declared contract for the subsea production system (SPS), following ExxonMobil’s final investment decision last month.
The initial contract, which was made public in November 2021 and described as ‘large’, will see FTI provide project management, engineering, manufacturing and testing capabilities for SPS, which includes 51 enhanced vertical deepwater trees and associated tooling and 12 manifolds, and associated controls and tie-in equipment. A contract worth between $500 million and $1 billion is considered large by the company.
The large part of the entire contract award will be included in the company’s second-quarter inbound orders.
Jonathan Landes, President, Subsea at TechnipFMC stated, “We are thrilled that our partnership with the Stabroek Block operator continues to grow. We have an established presence in Guyana to accommodate the level of activity there and we’re committed to further developing local capabilities.”
ExxonMobil is one of the world’s largest publicly traded energy providers and chemical manufacturers and develops and applies next-generation technologies to meet the world’s growing needs for energy and high-quality chemical products.
TechnipFMC plc is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company reached its current form following the January 2017 merger between Technip and FMC Technologies.
TechnipFMC currently has a Zacks Rank #3 (Hold). Investors might want to look at some better-ranked stocks from the energy sector, including Murphy USA (MUSA - Free Report) and Falcon Minerals , each sporting a Zacks Rank #1 (Strong Buy). You can seethe complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is valued at around $5.7 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward by about 25% over the past 60 days from $11.42 to $14.26.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%. MUSA stock has increased 66.1% in a year.
The Zacks Consensus Estimate for Falcon’s 2022 earnings is projected at 63 cents per share, up by 125% from the projected year-ago earnings of 28 cents.
Falcon’s stock has gone up 69.8% in a year. The Zacks Consensus Estimate for FLMN’s 2022 earnings has been revised about 37% upward over the past 60 days from 46 cents to 63 cents per share.
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Technip (FTI) Wins Yellowtail Development Work Off Guyana
The French-American, U.K.-domiciled oilfield services major, TechnipFMC (FTI - Free Report) , recently announced that it has been granted an additional contract and the notice to proceed with work on the Yellowtail development in the Stabroek block offshore Guyana by oil giant ExxonMobil’s (XOM - Free Report) affiliate Esso Exploration and Production Guyana Limited.
The contract, which is ‘significant’ per TechnipFMC, is believed to be valued between $75 million and $250 million and covers six risers, which are capable of withstanding high pressure and high temperature.
TechnipFMC also got the full notice to go ahead with the formerly declared contract for the subsea production system (SPS), following ExxonMobil’s final investment decision last month.
The initial contract, which was made public in November 2021 and described as ‘large’, will see FTI provide project management, engineering, manufacturing and testing capabilities for SPS, which includes 51 enhanced vertical deepwater trees and associated tooling and 12 manifolds, and associated controls and tie-in equipment. A contract worth between $500 million and $1 billion is considered large by the company.
The large part of the entire contract award will be included in the company’s second-quarter inbound orders.
Jonathan Landes, President, Subsea at TechnipFMC stated, “We are thrilled that our partnership with the Stabroek Block operator continues to grow. We have an established presence in Guyana to accommodate the level of activity there and we’re committed to further developing local capabilities.”
ExxonMobil is one of the world’s largest publicly traded energy providers and chemical manufacturers and develops and applies next-generation technologies to meet the world’s growing needs for energy and high-quality chemical products.
TechnipFMC plc is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company reached its current form following the January 2017 merger between Technip and FMC Technologies.
TechnipFMC currently has a Zacks Rank #3 (Hold). Investors might want to look at some better-ranked stocks from the energy sector, including Murphy USA (MUSA - Free Report) and Falcon Minerals , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is valued at around $5.7 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward by about 25% over the past 60 days from $11.42 to $14.26.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%. MUSA stock has increased 66.1% in a year.
The Zacks Consensus Estimate for Falcon’s 2022 earnings is projected at 63 cents per share, up by 125% from the projected year-ago earnings of 28 cents.
Falcon’s stock has gone up 69.8% in a year. The Zacks Consensus Estimate for FLMN’s 2022 earnings has been revised about 37% upward over the past 60 days from 46 cents to 63 cents per share.