TechnipFMC and DOF Subsea Awarded Significant Long-term Contracts by Petrobras

Rhea-AI Summary

TechnipFMC (NYSE: FTI) and DOF Subsea have secured long-term contracts with Petrobras (NYSE: PBR) for the pipelay support vessels Skandi Vitória and Skandi Niteroi. Each contract spans three years with potential extensions and is valued between $75 million and $250 million. The vessels will commence operations in February 2022, performing decommissioning and subsea installation tasks in both shallow and deep waters. This partnership reinforces the ongoing collaboration between TechnipFMC and Petrobras in Brazil's energy sector.

Positive

• Awarded long-term contracts with Petrobras valued between $75 million and $250 million.
• Strengthens the partnership with Petrobras, enhancing TechnipFMC's presence in Brazil's energy sector.
• Contracts include options for extensions, indicating potential for future revenue growth.

Negative

• None.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) (PARIS: FTI) and its joint venture (JV) partner DOF Subsea (OSE: DOF) have been awarded significant⁽¹⁾ long-term charter and services contracts by Petrobras (NYSE: PBR) for the pipelay support vessels Skandi Vitória and Skandi Niteroi.

The Brazilian-built and flagged vessels are owned by DOFCON Navegação Ltda, a 50/50 JV between TechnipFMC and DOF Subsea. Each contract is for three years, with an option to extend.

Operations are expected to begin by February 2022. Skandi Niteroi will operate mostly in shallow water, while Skandi Vitória will work in shallow and deep water. Both vessels will perform decommissioning and subsea installation work.

Jonathan Landes, President, Subsea at TechnipFMC, commented, “Our vessels serve as an important component of the strong flexible pipe ecosystem we have in Brazil. We are proud to extend our multi-decade relationship with Petrobras through these long-term contracts, which are built on close collaboration and our client’s trust in our ability to safely and efficiently deliver quality.”

(1) For TechnipFMC, a “significant” contract is between $75 million and $250 million.

Note: this inbound order is included in the Company’s third quarter financial results.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

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Source: TechnipFMC plc

FAQ

What contracts were awarded to TechnipFMC and DOF Subsea by Petrobras?

TechnipFMC and DOF Subsea were awarded long-term contracts for the pipelay support vessels Skandi Vitória and Skandi Niteroi.

What is the value range of the contracts secured by TechnipFMC?

The contracts are valued between $75 million and $250 million.

When are the operations expected to begin for the awarded contracts?

Operations for the awarded contracts are expected to begin in February 2022.

What type of work will the Skandi Vitória and Skandi Niteroi perform?

The vessels will conduct decommissioning and subsea installation work in shallow and deep waters.

How long are the contracts with Petrobras?

Each contract is for three years with options to extend.