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TechnipFMC (FTI) Gets EPCI Contract for Shell's Jackdaw Project
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TechnipFMC (FTI - Free Report) announced that it was awarded a “significant” engineering, procurement, construction, and installation (EPCI) contract by Shell (SHEL - Free Report) for the Jackdaw gas development project in the United Kingdom North Sea.
The French-American, U.K.-domiciled oilfield services major stated that the contract covers pipelay for a 30-kilometer tieback from Jackdaw’s new platform to Shell’s Shearwater platform along with an associated riser, spool pieces, subsea structures and umbilicals. Moreover, the tieback will utilize the pipe-in-pipe technology designed for high-pressure and high-temperature use.
Per FTI’s definition of a significant contract, the deal is worth somewhere between $75 million and $250 million.
President, Subsea, at TechnipFMC, Jonathan Landes, mentioned that FTI is excited to start this substantial project in the U.K. North Sea. “Our strong technical record and our ability to design, engineer, construct and install were key to our success in winning this award,” he ended.
Discovered in 2005, the Jackdaw field stretches across three blocks at a water depth of about 78 meters. The field is situated 30 kilometers southeast of the Shearwater platform and beside the U.K./Norway median.
Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company.
Meanwhile, 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.
Image: Bigstock
TechnipFMC (FTI) Gets EPCI Contract for Shell's Jackdaw Project
TechnipFMC (FTI - Free Report) announced that it was awarded a “significant” engineering, procurement, construction, and installation (EPCI) contract by Shell (SHEL - Free Report) for the Jackdaw gas development project in the United Kingdom North Sea.
The French-American, U.K.-domiciled oilfield services major stated that the contract covers pipelay for a 30-kilometer tieback from Jackdaw’s new platform to Shell’s Shearwater platform along with an associated riser, spool pieces, subsea structures and umbilicals. Moreover, the tieback will utilize the pipe-in-pipe technology designed for high-pressure and high-temperature use.
Per FTI’s definition of a significant contract, the deal is worth somewhere between $75 million and $250 million.
President, Subsea, at TechnipFMC, Jonathan Landes, mentioned that FTI is excited to start this substantial project in the U.K. North Sea. “Our strong technical record and our ability to design, engineer, construct and install were key to our success in winning this award,” he ended.
Discovered in 2005, the Jackdaw field stretches across three blocks at a water depth of about 78 meters. The field is situated 30 kilometers southeast of the Shearwater platform and beside the U.K./Norway median.
Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company.
Meanwhile, 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). Some better-ranked stocks from the energy space that warrant a look include RPC (RES - Free Report) and Liberty Energy (LBRT - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RPC’s 2022 earnings is pegged at 55 cents per share, up 1,733% from the year-ago earnings of 3 cents.
RES beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 80%.
The Zacks Consensus Estimate for Liberty’s 2022 earnings is pegged at $1.36 per share, up about 233.3% from the year-ago loss of $1.02.
The consensus mark for LBRT’s 2022 earnings has been revised upward by about 177.5% over the past 60 days from 49 cents to $1.36 per share.