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Equinor (EQNR) Awards iFEED Study Contract to TechnipFMC

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Equinor ASA (EQNR - Free Report) has entered into a Letter of Intent with TechnipFMC (FTI - Free Report) . Equinor has awarded an integrated Front End Engineering and Design (iFEED™) study to TechnipFMC for the giant BM-C-33 pre-salt project located offshore Brazil.

TechnipFMC said that the technical solutions of the project will possibly get finalized with the completion of the study. That will likely aid Equinor in finally making its final investment decision (FID). There is an option associated with the study per which TechnipFMC will be awarded directly with the integrated Engineering, Procurement, Construction and Installation (iEPCI™) phase of the development.

TechnipFMC said that the major contract will include the entire subsea system that comprises Subsea (SBEAF) 2.0™ tree systems, rigid risers and flowlines, manifolds, umbilicals, jumpers, pipeline end terminations and topside control equipment and subsea distribution. The contract will also include life-of-field services.

In the news announcement, TechnipFMC called the award a major contract. The award could be of more than $1 billion since TechnipFMC values a major contract at more than that amount.

Currently, Equinor carries a Zacks Rank #3 (Hold). Equinor is a well-known name in the energy space as it is committed to reducing emissions from its operations to build up a resilient business model in line with the Paris Agreement. #3 Ranked TechnipFMC is a leading provider of technologies to the energy industries. Two better-ranked players in the energy space are Antero Resources (AR - Free Report) andContinental Resources, Inc. . While Antero sports a Zacks Rank #1 (Strong Buy), Continental Resources carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Antero Resources is a leading upstream energy player with a strong presence in the gas-rich prolific Appalachian Basin in West Virginia and Ohio. In the past 60 days, Antero Resources has witnessed upward earnings estimate revisions for 2022 and 2023.

The substantial exposure to improving commodity price is a huge positive for Antero Resources.

Continental Resources is also a leading upstream energy company with proven reserves in North Dakota and Oklahoma. The oil inventories of Continental Resources are among the best in the industry.

Headquartered in Oklahoma City, Continental Resources has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. Considering the price chart, Continental Resources has gained 74.5% in the past year, outpacing the 37.7% rise of the composite stocks belonging to the sector.


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