TechnipFMC plc (FTI - Free Report) recently received a front-end engineering design (FEED) contract for the floating production storage and offloading (FPSO) unit of BP p.l.c. (BP - Free Report) , located in the Tortue/Ahmeyim offshore field near Mauritania and Senegal.
The field is located between the Saint-Louis Profond block off the coast of Senegal and C-8 block offshore Mauritania. Notably, this new contract marks the sixth deal for TechnipFMC this year, as the resurgence of deepwater and subsea projects, following the oil price recovery have worked favorably for the company.
TechnipFMC will be responsible for the technology and equipment scope of the liquefied natural gas (LNG) project. The collaboration – which can be converted into an Engineering, Procurement, Construction and Installation (EPCI) deal in the future – is also likely to open the full potential of the development in West Africa.
The Tortue discovery is credited to Kosmos Energy Ltd. (KOS - Free Report) , which divested a chunk of its interests to BP during the year-end 2016, making BP the operator of the field with around 60% stake. The British energy giant along with its partners is expected to make the final investment plan in the project by the end of 2018.
London-based TechnipFMC is a leading manufacturer and supplier of technology solutions for the energy industry. The company, which reached its current form following the January 2017 merger between Technip and FMC Technologies, is engaged in the designing, producing and servicing of technologically sophisticated systems, and products for subsea, onshore/offshore, and surface projects. The company currently has more than 37,000 employees.
TechnipFMC has lost 0.5% in the past year compared with 17.7% decline of its industry.
Zacks Rank and Stocks to Consider
TechnipFMC has a Zacks Rank #3 (Hold).
A better-ranked stock in the oil and energy sector is Continental Resources, Inc. (CLR - Free Report) , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oklahoma City, OK-based Continental Resources is an oil and gas exploration and production company. Its revenues for first-quarter 2018 are estimated to soar 55.7% from the year-ago quarter’s figure. For 2018, the bottom line is likely to be up 370.6%.
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