TechnipFMC Awarded Integrated FEED (iFEED™) Contract by Equinor for BM-C-33 Project in Brazil

Rhea-AI Summary

TechnipFMC (NYSE: FTI) has signed a Letter of Intent with Equinor to conduct an integrated Front End Engineering and Design (iFEED™) study for the BM-C-33 gas and condensate project offshore Brazil. This study will refine the technical solution before Equinor's final investment decision. Notably, the FEED study includes an option for a direct award to TechnipFMC for the integrated Engineering, Procurement, Construction and Installation (iEPCI™) phase, potentially exceeding $1 billion. This partnership highlights TechnipFMC's strong relationship with Equinor and innovative technology.

Positive

• Signing a Letter of Intent with Equinor for the iFEED™ study indicates strong market positioning.
• Potential contract value for the iEPCI™ phase could exceed $1 billion, indicating significant revenue opportunity.
• Ongoing collaboration with Equinor reflects confidence in TechnipFMC's technologies and integrated approach.

Negative

• None.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has signed a Letter of Intent with Equinor Energy do Brazil Ltda., a subsidiary of Equinor ASA (Equinor), for an integrated Front End Engineering and Design (iFEED™) study on its BM-C-33 project offshore Brazil.

The study will finalize the technical solution for the proposed gas and condensate greenfield development in the pre-salt Campos Basin before Equinor makes its final investment decision (FID).

The FEED study includes an option to proceed with a direct award to TechnipFMC for the integrated Engineering, Procurement, Construction and Installation (iEPCI™) phase of the project.

The major⁽¹⁾ iEPCI™ contract would cover the entire subsea system, including Subsea 2.0™ tree systems, manifolds, jumpers, rigid risers and flowlines, umbilicals, pipeline end terminations, and subsea distribution and topside control equipment. TechnipFMC would also be responsible for life-of-field services.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “We are excited about this iFEED™ award, which demonstrates our collaborative relationship with Equinor and their continued confidence in our technologies and integrated approach. This integrated project will be the first time Equinor uses our Subsea 2.0™ configure-to-order production systems, of which we’re seeing increased customer adoption.”

(1)	For TechnipFMC, a “major” contract is over $1.0 billion. Order inbound for the iEPCI™ phase of the project remains subject to FID and contract approval.

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.

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Source: TechnipFMC plc

FAQ

What is the significance of TechnipFMC's Letter of Intent with Equinor?

The Letter of Intent signifies a commitment to finalize the technical solutions for the BM-C-33 project, potentially leading to significant future contracts.

What is the potential value of the iEPCI™ contract related to Equinor?

The integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract could exceed $1 billion, contingent on final investment decisions.

When will Equinor make its final investment decision regarding the BM-C-33 project?

The final investment decision (FID) is expected after the completion of the iFEED™ study.

What technologies will TechnipFMC use in the BM-C-33 project?

TechnipFMC will employ its Subsea 2.0™ production systems as part of the project.

How does the iFEED™ study affect TechnipFMC's relationship with Equinor?

The iFEED™ study enhances TechnipFMC's collaborative relationship with Equinor, showcasing their confidence in TechnipFMC's innovative solutions.