TechnipFMC Awarded a Significant Subsea Contract for Ithaca Energy’s Captain EOR Project

Rhea-AI Summary

TechnipFMC (NYSE:FTI) has secured a significant Engineering, Procurement, Construction and Installation (EPCI) contract from Ithaca Energy (UK) Limited for the Captain Enhanced Oil Recovery (EOR) Project in the UK North Sea. This project entails the design, manufacture, delivery, and installation of subsea equipment, including a rigid riser caisson, water injection flexible flowline, and umbilicals. The contract value is estimated between $75 million and $250 million, indicating its potential impact on TechnipFMC's financial outlook.

Positive

• Awarded EPCI contract valued between $75 million and $250 million
• Supports the Captain field's Enhanced Oil Recovery, potentially boosting revenue
• Utilizes innovative technologies to enhance project economics and reduce emissions

Negative

• None

TechnipFMC (NYSE:FTI) (Paris:FTI) (ISIN:GB00BDSFG982) today announced that it has been awarded a significant⁽¹⁾ Engineering, Procurement, Construction and Installation (EPCI) contract from Ithaca Energy (UK) Limited for the Captain Enhanced Oil Recovery (EOR) Project in the UK North Sea.

TechnipFMC will design, manufacture, deliver and install subsea equipment including a rigid riser caisson, water injection flexible flowline, umbilicals and associated equipment.

Jonathan Landes, President Subsea at TechnipFMC, stated: “We are delighted to support Ithaca Energy on this important EOR expansion of the Captain field, utilizing our innovative design and installation technologies and solutions to unlock and maximize the recovery of hydrocarbons from the UK Continental Shelf. We look forward to helping Ithaca improve project economics, enhance performance and reduce emissions.”

The Captain field lies approximately 145 kilometers (90 miles) northeast of Aberdeen, Scotland, in the Outer Moray Firth area of the UK North Sea, in water depths of around 105.5 meters (346 feet).

(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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005896/en/

FAQ

What is the significance of the new contract awarded to TechnipFMC (FTI)?

TechnipFMC has been awarded a significant EPCI contract for the Captain Enhanced Oil Recovery Project, valued between $75 million and $250 million, which could positively impact its financial performance.

When was the EPCI contract for the Captain EOR Project announced?

The contract was announced recently by TechnipFMC on the date of the press release.

What equipment will TechnipFMC deliver for the Captain EOR Project?

TechnipFMC will deliver subsea equipment including a rigid riser caisson, water injection flexible flowline, and umbilicals.

How does the Captain EOR Project impact TechnipFMC's market position?

The project enhances TechnipFMC's market position by demonstrating its ability to secure significant contracts in the energy sector.

What are the expected benefits of the Captain EOR Project for Ithaca Energy?

The project is expected to improve Ithaca Energy's project economics and enhance performance while also reducing emissions.