Back to top

Image: Bigstock

TechnipFMC (FTI) Secures Major Contract for Angola Project

Read MoreHide Full Article

TechnipFMC (FTI - Free Report) , a leading company in the energy industry, has recently secured a major contract for a subsea project in Angola by TotalEnergies (TTE - Free Report) and its partners. The contract involves the supply of flexible pipes and associated hardware for the first subsea life extension project in West Africa. TechnipFMC’s flexible pipes will be used to extend the lifespan of the Girassol field.

The contract, worth between $75 million and $250 million, is a “significant” accomplishment for TechnipFMC. This achievement reinforces the company’s position as a trustworthy partner in the energy sector.

The project in Angola will involve the construction of a new deepwater production system that will produce and process oil and gas from offshore fields. TechnipFMC has been tasked with providing engineering, procurement, construction and installation services for the project.

TotalEnergies EP Angola is an oil and gas exploration and production company, based in Angola, a country in West Africa. It is a subsidiary of TotalEnergies SE, a leading energy company based in France. Block 17 is an oil and gas field located in the Atlantic Ocean, off the coast of Angola. TotalEnergies SE is one of the largest oil-producing blocks in Angola, operated by TotalEnergies EP Angola and its Block 17 Partners.

This contract is also significant for TotalEnergies, as it will help the company expand its operations in Angola. It demonstrates TotalEnergies' commitment to investing in sustainable energy projects that contribute to the country's economic growth and development.

TechnipFMC's impressive track record in delivering complex energy projects, along with an expertise in deepwater production systems, makes it an ideal partner for TotalEnergies in this project.

In conclusion, this contract is a significant milestone for both TechnipFMC and TotalEnergies, as both the companies will be able to contribute to Angola's energy industry and support the country's economic growth. It also highlights the importance of partnerships in the energy sector. Offshore oil workers will also benefit from the project as it will help in securing the oil supply chain, thereby maintaining their jobs.

Zacks Rank & Key Picks

Currently, TechnipFMC carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at some better-ranking stocks like NGL Energy Partners (NGL - Free Report) sporting a Zacks Rank #1 (Strong Buy) and Energy Transfer (ET - Free Report) holding a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.

NGL Energy Partners is worth approximately $365.07 billion. Its shares have increased 28.7% in the past year.

NGL Energy Partners LP is a limited partnership company that operates a vertically-integrated propane business with three segments — retail propane, wholesale supply and marketing, and midstream.

Energy Transfer LP is valued at around $39.80 billion. ET delivered an average earnings surprise of 11.43% for the last four quarters, and its current dividend yield is 9.49%.

Energy Transfer LP currently has a forward P/E ratio of 8.93. In comparison, its industry has an average forward P/E ratio of 10.40, which means Energy Transfer LP is trading at a discount to the group.


Published in