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TechnipFMC Clinches EPCI Contract for Angola's Platina Field

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TechnipFMC plc (FTI - Free Report) recently secured an Engineering, Procurement, Construction and Installation (EPCI) contract from the integrated energy player BP plc’s (BP - Free Report) affiliate BP Angola for the Platina field development project.

TechnipFMC's Responsibility

Per the oil field service provider, the contract worth $75-$250 million comprises provision of subsea equipment that incorporates subsea trees and a production manifold with associated subsea control and connection systems alongside umbilicals, rigid pipelines, flexible jumpers and the subsea production system for the project. The company will manufacture, supply and install subsea equipment for BP Angola.

About Platina Field Development Project

Founded in 1999, Platina field is based near the coast of Angola in Block 18 at water depths of 1,200-1,500 meters. It is likely to be developed as a subsea connection to the existing Greater Plutonio floating, production, storage and offloading (FPSO) vessel.

Why TechnipFMC?

Per the company, it will provide BP and the oil and gas industry in Angola with simplified subsea field infrastructure, which can help improve project economics and further make use of its Angolan assets comprising the service base in Luanda and its Lobito-based umbilical factory.

The Company Profile

London-based TechnipFMC is a leading manufacturer and supplier of technology solutions for the energy industry. The company was formed from the January 2017 merger between Technip and FMC Technologies. It is engaged in designing, producing and servicing technologically sophisticated systems and products for subsea, onshore and offshore projects.

TechnipFMC's dominant market share, technology leadership and efficient execution skills are its key forte.

Zacks Rank & Key Picks

TechnipFMC has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Contango Oil & Gas Company (MCF - Free Report) and Earthstone Energy, Inc. (ESTE - Free Report) , each carrying a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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