TechnipFMC Awarded a Significant Integrated EPCI (iEPCI™) Contract for the Development of North El Amriya and North Idku (NEA/NI)

Rhea-AI Summary

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.

Positive

• Award of a significant iEPCI™ contract valued between $75 million and $250 million.
• Utilization of advanced technologies to enhance project efficiency and reduce costs.
• Continued collaboration with Energean, strengthening long-term business relationships.

Negative

• None.

Regulatory News:

TechnipFMC (Paris:FTI) (NYSE:FTI) (ISIN:GB00BDSFG982) has been awarded a significant⁽¹⁾ integrated Engineering Procurement Construction and Installation (iEPCI™) contract by NIpetco and PetroAmriya, two Joint Ventures between Energean and Egyptian Natural Gas Holding Company (EGAS) and Egyptian General Petroleum Corporation (EGPC) for a subsea tieback located offshore Egypt on the North El Amriya and North Idku concession.

TechnipFMC will design, manufacture, deliver and install subsea equipment including the subsea production system, subsea trees, production manifolds, umbilicals, flexible pipelines, jumpers and associated subsea and topside controls.

This is the second project that TechnipFMC will execute for Energean using its integrated subsea model, thereby reducing the overall cost, project interfaces and associated delivery risks. TechnipFMC is currently partnering with Energean to develop the Karish gas field development in the Mediterranean Sea offshore Israel.

Jonathan Landes, President Subsea at TechnipFMC, commented: “We are proud and honored to be selected for this important development offshore Egypt. This project award showcases TechnipFMC’s position as the market and technology leader for integrated projects globally and demonstrates the benefits of our iEPCI™ solution for subsea developments. We will continue our long-term, collaborative relationship with Energean and are pleased to work again with EGPC and EGAS for the development of gas production in Egypt.”

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

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 energies 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210217006008/en/

FAQ

What is the significance of TechnipFMC's new contract awarded in Egypt?

TechnipFMC's new contract is significant as it enhances their position in the market with a contract valued between $75 million and $250 million, focusing on subsea project development.

How does the new iEPCI™ contract impact TechnipFMC's financial outlook?

The new iEPCI™ contract is expected to boost TechnipFMC's financial outlook by generating substantial revenues through advanced technology implementation.

What technologies will TechnipFMC use for the subsea project in Egypt?

TechnipFMC plans to use its integrated engineering procurement construction and installation (iEPCI™) model, which includes subsea production systems, trees, and flexible pipelines for the Egypt project.

What are the expected benefits of the iEPCI™ contract for TechnipFMC?

The expected benefits include reduced overall costs, minimized project interfaces, and decreased delivery risks, enhancing TechnipFMC's efficiency in project execution.

Is this the first project TechnipFMC has undertaken with Energean?

No, this is the second project TechnipFMC is executing for Energean, indicating a solid partnership in subsea development.