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TechnipFMC (FTI) Wins Upto $1B iEPCI Contract From Aker BP

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TechnipFMC plc (FTI - Free Report) recently won an integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract from Aker BP for its Utsira High Development project.

This brings together three separate projects under one comprehensive contract. According to the company, this will be linked to the production platforms of Ivar Aasen and Edvard Grieg. The contract involves the engineering, procurement, construction, and installation of subsea production systems, controls, pipelines, and umbilicals for the North Sea oil and gas fields development.

FTI considers the contract, valued between $500 million and $1 billion, to be a large one. It was awarded after a two-year integrated front-end engineering and design study to optimize field layout, which likely involved a significant amount of planning and collaboration between TechnipFMC and its client, Aker BP – a Norwegian oil exploration and development company.

Jonathan Landes, President of Subsea at TechnipFMC, mentions that Aker BP is joining the increasing number of clients that are choosing TechnipFMC's integrated model due to its advantages, such as faster time to first production. He also highlights that TechnipFMC's experience in the Utsira High area and the success of its previously installed systems were crucial factors in receiving the direct award.

Zacks Rank and Key Picks

London-based TechnipFMC plc is a leading provider of technology to the traditional and renewable energy industries delivering fully integrated projects, products, and services.

TechnipFMC currently carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at some better-ranked stocks like Helmerich & Payne (HP - Free Report) , Patterson-UTI Energy (PTEN - Free Report) and RPC Inc. (RES - Free Report) sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Helmerich & Payne is valued at around $4.88 billion. Over the past 60 days, the Zacks Consensus Estimate for HP's fiscal 2023 earnings has been revised 18.8% higher.

Helmerich & Payne, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 130.98%, on average. In the past year, HP stock has increased by 51.8%.

Patterson-UTI Energy beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.23%, on average.

Patterson-UTI is worth approximately $3.53 billion. Its shares have gained 53.4% in the past year.

RPC  provides oilfield services and equipment to independent and major oilfield companies in the exploration, production and development of oil and gas properties, domestically and in selected international markets. RPC Inc. beat earnings estimates in all the trailing four quarters, with an average of around 46.17 %.

The market capitalization of RES is $2.1 billion.  Its shares have gained 39.4% in the past year. 

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