TechnipFMC plc (FTI - Free Report) recently received a contract from a subsidiary of TOTAL S.A. (TOT - Free Report) for developing the Zinia Phase 2 field, which lies 150 kilometers off the coast of Angola. The field is located in Block 17 and situated at a water depth of 800-1,000 meters.
During May-end, TOTAL made the final investment decision of the project. At the end of June, Subsea 7 S.A. (SUBCY - Free Report) received the subsea flowlines and umbilicals engineering, procurement, installation and commissioning contract for the Zinia Phase 2 field. Once completed, the project will have an output capacity of 40,000 barrels a day. TOTAL, operator of Block 17 with a 40% interest, has Equinor ASA (EQNR - Free Report) , ExxonMobil and BP as partners.
Per the deal, TechnipFMC, which already has a strong presence in Angola, is committed to provide engineering, procurement and construction services for subsea equipment. The project includes nine subsea tree units, along with wellheads, subsea control and connection systems, as well as systems-related equipment. The wells are tied back to the Pazflor floating production, storage and offloading (FPSO) vessel.
The supporting services related to the assembling, testing, mobilization and installation of the project are also included in the deal. The financial details of the contract were not disclosed. The oilfield service provider, which has a longstanding relationship with TOTAL and has supported many of the latter’s subsea developments, has incorporated the deal in its second-quarter 2018 results.
Price Performance and Zacks Rank
London, UK-based oilfield service provider, TechnipFMC has gained 12.5% in the past year against 6.8% decline of its industry. Currently, TechnipFMC has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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