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TechnipFMC (FTI) Clinches iEPCI Contract From OMV (Norge) AS
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TechnipFMC plc (FTI - Free Report) , a leading global oil and gas service provider, secured a significant integrated Engineering, Procurement, Construction and Installation (iEPCI) contract from OMV (Norge) AS for its Berling gas development project in Norway. This project marks OMV's first iEPCI endeavor as an operator in the region.
In this blog, we will explore the details of the contract, its implications for the project and its impact on the North Sea's energy sector.
Project Details
The Berling gas development project, operated by OMV, is a notable venture on the Norwegian Continental Shelf. TechnipFMC has been entrusted with the responsibility of designing and installing the subsea production systems, controls, pipelines and umbilicals for this development. This comprehensive scope of work underscores the company's expertise in providing end-to-end solutions for complex offshore projects.
OMV’s award of the iEPCI contract to TechnipFMC follows a six-month integrated Front End Engineering and Design (iFEED) study. This study optimized the field layout and enhanced the project's cost efficiency by confirming the suitability of thermally insulated pipe-in-pipe technology for the tieback's flowline. Through iFEED, TechnipFMC demonstrated that iEPCI provides an effective solution to expedite project delivery.
Benefits of iEPCI
FTI's iEPCI approach combines the subsea production system with subsea umbilicals, risers and flowline scopes. This enables the efficient execution of the engineering, procurement, construction and installation activities for a fully integrated subsea system.
By adopting the iEPCI model, TechnipFMC aims to provide quality services throughout the life of the field, delivering enhanced value to its clients.
Accelerating OMV's First Operator Project in the North Sea
As OMV's first operator project in the North Sea, the Berling gas development carries immense significance for the company's growth and expansion in the region. TechnipFMC's expertise and experience in executing complex subsea projects will be instrumental in supporting OMV throughout this endeavor.
The collaboration between the two entities highlights the value of partnerships in the energy industry, enabling operators to leverage the specialized knowledge and capabilities of engineering firms like TechnipFMC.
Conclusion
The iEPCI contract marks a milestone for both FTI and OMV. The integrated approach, combining engineering, procurement, construction and installation services, is expected to expedite the project's delivery and provide long-term benefits to OMV as it ventures into its first iEPCI project as an operator in Norway.
Evolution Petroleum is worth approximately $268.48 million. EPM currently pays dividends of 48 cents per share, or 5.95% on an annual basis.
The company currently has a forward P/E ratio of 7.30. In comparison, its industry has an average forward P/E of 10.40, which means EPM is trading at a discount to the group.
Global Partners is valued at around $1.04 billion. In the past year, its units have risen 44.8%.
The partnership currently has a forward P/E ratio of 9.01. In comparison, its industry has an average forward P/E of 14.10, which means NGL is trading at a discount to the group.
Archrock is valued at around $1.61 billion. It delivered an average earnings surprise of 8.34% for the last four quarters and its current dividend yield is 5.85%.
Archrock is a provider of natural gas contract compression services and aftermarket services of compression equipment.
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TechnipFMC (FTI) Clinches iEPCI Contract From OMV (Norge) AS
TechnipFMC plc (FTI - Free Report) , a leading global oil and gas service provider, secured a significant integrated Engineering, Procurement, Construction and Installation (iEPCI) contract from OMV (Norge) AS for its Berling gas development project in Norway. This project marks OMV's first iEPCI endeavor as an operator in the region.
In this blog, we will explore the details of the contract, its implications for the project and its impact on the North Sea's energy sector.
Project Details
The Berling gas development project, operated by OMV, is a notable venture on the Norwegian Continental Shelf. TechnipFMC has been entrusted with the responsibility of designing and installing the subsea production systems, controls, pipelines and umbilicals for this development. This comprehensive scope of work underscores the company's expertise in providing end-to-end solutions for complex offshore projects.
OMV’s award of the iEPCI contract to TechnipFMC follows a six-month integrated Front End Engineering and Design (iFEED) study. This study optimized the field layout and enhanced the project's cost efficiency by confirming the suitability of thermally insulated pipe-in-pipe technology for the tieback's flowline. Through iFEED, TechnipFMC demonstrated that iEPCI provides an effective solution to expedite project delivery.
Benefits of iEPCI
FTI's iEPCI approach combines the subsea production system with subsea umbilicals, risers and flowline scopes. This enables the efficient execution of the engineering, procurement, construction and installation activities for a fully integrated subsea system.
By adopting the iEPCI model, TechnipFMC aims to provide quality services throughout the life of the field, delivering enhanced value to its clients.
Accelerating OMV's First Operator Project in the North Sea
As OMV's first operator project in the North Sea, the Berling gas development carries immense significance for the company's growth and expansion in the region. TechnipFMC's expertise and experience in executing complex subsea projects will be instrumental in supporting OMV throughout this endeavor.
The collaboration between the two entities highlights the value of partnerships in the energy industry, enabling operators to leverage the specialized knowledge and capabilities of engineering firms like TechnipFMC.
Conclusion
The iEPCI contract marks a milestone for both FTI and OMV. The integrated approach, combining engineering, procurement, construction and installation services, is expected to expedite the project's delivery and provide long-term benefits to OMV as it ventures into its first iEPCI project as an operator in Norway.
Zacks Rank and Key Picks
Currently, FTI carries a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum (EPM - Free Report) and Global Partners (GLP - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and Archrock (AROC - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is worth approximately $268.48 million. EPM currently pays dividends of 48 cents per share, or 5.95% on an annual basis.
The company currently has a forward P/E ratio of 7.30. In comparison, its industry has an average forward P/E of 10.40, which means EPM is trading at a discount to the group.
Global Partners is valued at around $1.04 billion. In the past year, its units have risen 44.8%.
The partnership currently has a forward P/E ratio of 9.01. In comparison, its industry has an average forward P/E of 14.10, which means NGL is trading at a discount to the group.
Archrock is valued at around $1.61 billion. It delivered an average earnings surprise of 8.34% for the last four quarters and its current dividend yield is 5.85%.
Archrock is a provider of natural gas contract compression services and aftermarket services of compression equipment.