TechnipFMC plc Ordinary Share - FTI STOCK NEWS

TechnipFMC (NYSE: FTI) has partnered with Bombora to advance renewable energy through a floating wave and wind power project. This collaboration aims to leverage TechnipFMC's integrated Engineering, Procurement, Construction, and Installation (iEPCI™) capabilities alongside Bombora's patented mWave™ technology, which converts wave energy into electricity. Initial efforts center around the InSPIRE project, expected to deliver 6 megawatts of combined power, with future expansions aiming for 12 and 18 megawatts. This partnership emphasizes a commitment to sustainable energy solutions.

TechnipFMC (NYSE: FTI) announced a $100 million investment from Bpifrance in Technip Energies, stemming from its separated entity's share purchase agreement. This investment reduces TechnipFMC's ownership in Technip Energies to 82.3 million shares, currently valued at $1.2 billion. Bpifrance has been a shareholder since 2009 and aims to bolster its long-term commitment. TechnipFMC plans to further decrease its stake in Technip Energies over the next 18 months, following a previous $200 million funding round.

TechnipFMC (NYSE:FTI) has partnered with Magnora ASA to create Magnora Offshore Wind, focusing on floating offshore wind projects. This collaboration combines Magnora's renewable energy experience and TechnipFMC's integrated EPCI capabilities, promising growth in the offshore wind sector. They have begun work on seabed leasing applications in Scotland and Norway, further aiming to explore new markets. This initiative aligns with TechnipFMC’s strategy to strengthen its position in the renewable energy market, while leveraging its innovative Deep Purple™ program for offshore hydrogen production.

TechnipFMC (NYSE:FTI) announced the appointment of Sophie Zurquiyah, CEO of CGG S.A., to its Board of Directors and Audit Committee, effective April 1, 2021. Doug Pferdehirt, Chairman and CEO, expressed enthusiasm over her extensive experience, spanning over 30 years in the industry, particularly in geophysics, sustainability, and digital transformation. Zurquiyah has held various leadership roles at CGG since 2013 and previously worked at Schlumberger. This addition aims to enhance the Board’s expertise and strengthen TechnipFMC's strategic capabilities in the energy sector.

TechnipFMC plc (NYSE: FTI) reported its fourth quarter 2020 results, revealing a revenue decline of 8.1% year-over-year, totaling $3,426.1 million. The company experienced a net loss of $39.3 million, with adjusted net income rising 55.0% to $23.4 million. Despite the challenges due to COVID-19, inbound orders increased by 54.7% to $4,204.5 million, though the backlog decreased 11.8% to $21,388.2 million. The company aims for revenue growth in 2021, driven by international markets and its separation into independent entities.

TechnipFMC (NYSE:FTI) has secured a letter of award (LOA) from Energean Israel Limited for the development of the Karish North field, offshore Israel. The contract entails designing, manufacturing, delivering, and installing subsea equipment including a subsea production system, rigid flowlines, and umbilicals, connecting to the ‘Energean Power’ FPSO. Jonathan Landes, President Subsea, emphasized the significance of their partnership with Energean and the value of their integrated offerings in this venture.

TechnipFMC (NYSE: FTI) has secured a significant contract from PETRONAS Carigali for the Limbayong Deepwater Development Project. This contract entails front-end engineering design and integrated engineering, procurement, construction, installation, and commissioning of subsea systems for developing 10 deepwater wells in Malaysia. The contract value is classified as substantial, ranging from $250 million to $500 million. The project will be managed from Kuala Lumpur, utilizing local manufacturing resources.

TechnipFMC (FTI) has secured a significant integrated Engineering Procurement Construction and Installation (iEPCI™) contract from joint ventures NIpetco and PetroAmriya for a subsea tieback project offshore Egypt. This award, valued between $75 million and $250 million, enables TechnipFMC to utilize its advanced technologies to enhance efficiency and reduce costs. The project will involve designing and installing subsea equipment, marking the second collaboration with Energean, further solidifying TechnipFMC's leadership in integrated subsea projects.

TechnipFMC has successfully completed its spin-off, creating two independent companies: TechnipFMC and Technip Energies. The technical reference price for Technip Energies was set at €9.00 ahead of its listing on Euronext Paris under the symbol 'TE'. CEO Doug Pferdehirt stated the separation positions the companies to better serve clients and address energy transformation needs. Additionally, Technip Energies announced the appointment of Simon Eyers to its Board, enhancing its strategic leadership in energy markets.