TechnipFMC Announces Strategic Investment and Collaboration with Orbital Marine Power to Accelerate Tidal Energy

Rhea-AI Summary

TechnipFMC (NYSE: FTI) has signed a Memorandum of Understanding with Orbital Marine Power to collaborate on tidal energy commercialization. Orbital's floating turbine technology aims to harness underwater currents for reliable renewable energy. This partnership combines TechnipFMC's project management expertise and capabilities with Orbital's innovative technology, potentially reducing costs and meeting the growing demand for renewable energy. The UK currently has one gigawatt of consented tidal sites, highlighting the initiative's market potential.

Positive

• Partnership with Orbital Marine Power to advance tidal energy technology.
• Orbital's technology is the world's most powerful floating turbine, enhancing renewable energy sourcing.
• Collaboration aims to lower the cost of tidal energy and meet rising demand.

Negative

• None.

NEWCASTLE, England & HOUSTON--(BUSINESS WIRE)-- Regulatory News:

TechnipFMC (NYSE: FTI) (PARIS: FTI) signed a Memorandum of Understanding with Orbital Marine Power (Orbital), a pioneer of tidal energy technology, to jointly collaborate in tidal energy to accelerate the global commercialization of Orbital’s technology and deliver the first commercial scale floating tidal field.

Orbital’s unique floating turbine, the most powerful in the world to date, can harness underwater currents generated by tides, which can then be converted into electricity and exported to shore. Because of its predictability, tidal energy offers a reliable and consistent form of renewable energy. Tidal energy has the ability to make a cost-effective contribution to net zero transitions around the world at a utility scale.

When combined with TechnipFMC’s integrated approach, industrialization capabilities and project management expertise, Orbital’s technology can be scaled-up to meet the increasing demand for renewable energy and significantly lower the cost of delivering tidal energy.

Luana Duffé, Executive Vice President, New Energy Ventures at TechnipFMC, commented: “We are very excited to collaborate with Orbital in the tidal energy market. By combining our system integration capabilities with their technical expertise and differentiated turbine technology, we will scale-up our combined offering to deliver more renewable energy to the market.”

Andrew Scott, Chief Executive Officer, Orbital, commented: “This TechnipFMC investment is a major endorsement of the tidal energy solution we have developed at Orbital Marine Power, and we are hugely excited to be working with such a leading company in the global offshore energy sector on the commercial roll out of our vision for tidal energy.”

There is currently one gigawatt of consented tidal sites in the United Kingdom.

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 “expect,” “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.

Category: UK regulatory

View source version on businesswire.com: https://www.businesswire.com/news/home/20211117006323/en/

Investor relations

Matt Seinsheimer

Vice President, Investor Relations

Tel: +1 281 260 3665

Email: Matt Seinsheimer

James Davis

Senior Manager, Investor Relations

Tel: +1 281 260 3665

Email: James Davis

Media relations

Nicola Cameron

Vice President, Corporate Communications

Tel: +44 1383 742297

Email: Nicola Cameron

Catie Tuley

Director, Public Relations

Tel: +1 713 876 7296

Email: Catie Tuley

Source: TechnipFMC plc

FAQ

What is the recent partnership involving TechnipFMC (FTI)?

TechnipFMC signed a Memorandum of Understanding with Orbital Marine Power to collaborate on tidal energy commercialization.

What technology is being developed by TechnipFMC and Orbital Marine Power?

They are focusing on tidal energy technology using Orbital's floating turbine to harness underwater currents.

How does tidal energy contribute to renewable energy efforts?

Tidal energy offers a reliable and consistent renewable energy source, aiding global net-zero transitions.

What is the significance of the collaboration for TechnipFMC's future?

The partnership enhances TechnipFMC's position in the renewable energy market and aims to lower delivery costs for tidal energy.

What are the current tidal energy potential statistics in the UK?

There is currently one gigawatt of consented tidal sites in the UK.