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TechnipFMC (FTI) Secures Deal for Julimar Phase 3 Development
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TechnipFMC plc (FTI - Free Report) , an oilfield service provider, scored a contract from Woodside Energy Group Ltd to build and install flexible pipelines and umbilicals for the Julimar Phase 3 development, offshore Western Australia.
According to the contract, TechnipFMC will be in charge of the engineering, procurement, construction and installation of the high-pressure, high-temperature (HPHT) flexible pipe and steel tube umbilicals for the project. In order to connect four subsea gas wells in the Carnarvon Basin to the current Julimar subsea infrastructure that supplies the Wheatstone platform, FTI will deploy HPHT flexible tubing and umbilicals.
According to Jonathan Landes, president of TechnipFMC Subsea, the company has a strong history of outstanding project execution with Woodside as proven by the successful delivery of the Pyxis, Lambert Deep and Greater Western Flank Phase 3 projects. Woodside Energy holds 65% shares in Woodside Energy Julimar, which manages the joint venture for the participants.
According to FTI, the contract is valued between $75million (€69.27m) and $250million. During the second quarter of 2023, this award will be included in inbound orders.
Zacks Rank & Key Picks
Currently, TechnipFMC carries a Zack Rank #3 (Hold).
Evolution Petroleum is a development stage company formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production particularly in low permeability reservoirs amenable to lateral drilling technology. EPM has witnessed an upward earnings estimate revision in the past 30 days for 2023 and 2024.
Eni SpA is a leading integrated energy major, which operates primarily through three business segments —Exploration & Production, Gas & Power and Refining & Marketing and Chemicals. E has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries —Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas.
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TechnipFMC (FTI) Secures Deal for Julimar Phase 3 Development
TechnipFMC plc (FTI - Free Report) , an oilfield service provider, scored a contract from Woodside Energy Group Ltd to build and install flexible pipelines and umbilicals for the Julimar Phase 3 development, offshore Western Australia.
According to the contract, TechnipFMC will be in charge of the engineering, procurement, construction and installation of the high-pressure, high-temperature (HPHT) flexible pipe and steel tube umbilicals for the project. In order to connect four subsea gas wells in the Carnarvon Basin to the current Julimar subsea infrastructure that supplies the Wheatstone platform, FTI will deploy HPHT flexible tubing and umbilicals.
According to Jonathan Landes, president of TechnipFMC Subsea, the company has a strong history of outstanding project execution with Woodside as proven by the successful delivery of the Pyxis, Lambert Deep and Greater Western Flank Phase 3 projects. Woodside Energy holds 65% shares in Woodside Energy Julimar, which manages the joint venture for the participants.
According to FTI, the contract is valued between $75million (€69.27m) and $250million. During the second quarter of 2023, this award will be included in inbound orders.
Zacks Rank & Key Picks
Currently, TechnipFMC carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation (EPM - Free Report) , Eni SpA (E - Free Report) and RGC Resources Inc. (RGCO - Free Report) . While Evolution Petroleum and Eni SpA sport a Zacks Rank #1 (Strong Buy), RGC Resources carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is a development stage company formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production particularly in low permeability reservoirs amenable to lateral drilling technology. EPM has witnessed an upward earnings estimate revision in the past 30 days for 2023 and 2024.
Eni SpA is a leading integrated energy major, which operates primarily through three business segments —Exploration & Production, Gas & Power and Refining & Marketing and Chemicals. E has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries —Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas.