TechnipFMC Awarded Large iEPCI™ Contract for Equinor’s Johan Sverdrup Phase 3 Offshore Norway
TechnipFMC (NYSE: FTI) has secured a large integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract from Equinor for the Johan Sverdrup Phase 3 development in the Norwegian North Sea. The contract, valued between $500 million and $1 billion, involves designing, manufacturing, and installing subsea production systems, umbilicals, and rigid pipe to connect new templates to the existing field center.
The Johan Sverdrup field, which began production in 2019, is one of the largest developments in the region. Phase 3 aims to increase production by integrating additional wells into the current infrastructure, which operates on low-emission resources from onshore. This direct award follows an integrated Front End Engineering and Design (iFEED®) study and will be included in inbound orders in Q1 2025.
TechnipFMC (NYSE: FTI) ha ottenuto un importante contratto integrato di Ingegneria, Approvvigionamento, Costruzione e Installazione (iEPCI™) da Equinor per lo sviluppo della Fase 3 di Johan Sverdrup nel Mare del Nord norvegese. Il contratto, del valore compreso tra 500 milioni e 1 miliardo di dollari, prevede la progettazione, la produzione e l'installazione di sistemi di produzione sottomarini, umbilicali e tubazioni rigide per collegare i nuovi template al centro di campo esistente.
Il campo Johan Sverdrup, che ha iniziato la produzione nel 2019, è uno dei più grandi sviluppi della regione. La Fase 3 mira ad aumentare la produzione integrando ulteriori pozzi nell'infrastruttura attuale, che opera con risorse a basse emissioni provenienti dalla terraferma. Questo contratto diretto segue uno studio integrato di Ingegneria e Progettazione Front End (iFEED®) e sarà incluso negli ordini in entrata nel primo trimestre del 2025.
TechnipFMC (NYSE: FTI) ha asegurado un gran contrato integrado de Ingeniería, Adquisiciones, Construcción e Instalación (iEPCI™) de Equinor para el desarrollo de la Fase 3 de Johan Sverdrup en el Mar del Norte noruego. El contrato, valorado entre 500 millones y 1 mil millones de dólares, implica el diseño, fabricación e instalación de sistemas de producción submarina, umbilicales y tuberías rígidas para conectar nuevas plantillas al centro de campo existente.
El campo Johan Sverdrup, que comenzó la producción en 2019, es uno de los mayores desarrollos de la región. La Fase 3 tiene como objetivo aumentar la producción integrando pozos adicionales en la infraestructura actual, que opera con recursos de bajas emisiones desde tierra. Este contrato directo sigue a un estudio integrado de Ingeniería y Diseño Front End (iFEED®) y se incluirá en los pedidos entrantes en el primer trimestre de 2025.
TechnipFMC (NYSE: FTI)는 노르웨이 북해의 요한 스베르드 3단계 개발을 위해 Equinor로부터 통합 엔지니어링, 조달, 건설 및 설치(iEPCI™) 계약을 체결했습니다. 이 계약은 5억 달러에서 10억 달러 사이의 가치가 있으며, 새로운 템플릿을 기존 필드 센터에 연결하기 위한 해저 생산 시스템, 엄빌리컬 및 강관의 설계, 제조 및 설치를 포함합니다.
2019년에 생산을 시작한 요한 스베르드 유전은 이 지역에서 가장 큰 개발 중 하나입니다. 3단계는 현재 인프라에 추가 유정을 통합하여 생산을 증가시키는 것을 목표로 하며, 이 인프라는 육상에서 온 저배출 자원으로 운영됩니다. 이 직접 계약은 통합된 프론트 엔드 엔지니어링 및 디자인(iFEED®) 연구에 이어 이루어졌으며, 2025년 1분기 수주에 포함될 것입니다.
TechnipFMC (NYSE: FTI) a obtenu un important contrat intégré d'Ingénierie, d'Approvisionnement, de Construction et d'Installation (iEPCI™) de la part d'Equinor pour le développement de la Phase 3 de Johan Sverdrup en mer du Nord norvégienne. Le contrat, d'une valeur comprise entre 500 millions et 1 milliard de dollars, implique la conception, la fabrication et l'installation de systèmes de production sous-marins, d'umbilicals et de tuyaux rigides pour connecter de nouveaux templates au centre de champ existant.
Le champ Johan Sverdrup, qui a commencé sa production en 2019, est l'un des plus grands développements de la région. La Phase 3 vise à augmenter la production en intégrant des puits supplémentaires dans l'infrastructure actuelle, qui fonctionne avec des ressources à faibles émissions provenant de la terre. Ce contrat direct fait suite à une étude intégrée d'Ingénierie et de Conception Front End (iFEED®) et sera inclus dans les commandes entrantes au premier trimestre 2025.
TechnipFMC (NYSE: FTI) hat einen großen integrierten Vertrag über Engineering, Beschaffung, Bau und Installation (iEPCI™) von Equinor für die Phase 3 des Johan Sverdrup Projekts im norwegischen Nordsee gesichert. Der Vertrag hat einen Wert zwischen 500 Millionen und 1 Milliarde Dollar und umfasst das Design, die Herstellung und die Installation von Unterwasserproduktionssystemen, Umbilicals und starren Rohren zur Verbindung neuer Templates mit dem bestehenden Feldzentrum.
Das Johan Sverdrup-Feld, das 2019 die Produktion aufgenommen hat, ist eines der größten Projekte in der Region. Phase 3 zielt darauf ab, die Produktion zu steigern, indem zusätzliche Bohrungen in die bestehende Infrastruktur integriert werden, die mit emissionsarmen Ressourcen vom Festland betrieben wird. Dieser Direktauftrag folgt einer integrierten Front-End-Engineering- und Designstudie (iFEED®) und wird in den Eingangsbestellungen im ersten Quartal 2025 enthalten sein.
- Large contract worth $500M-$1B secured
- Continuation of successful previous phase work demonstrates strong client relationship
- Contract adds to Q1 2025 order backlog
- Project supports production increase at major North Sea field
- Revenue impact won't begin until 2025
- Project execution carries inherent risks and uncertainties
Insights
TechnipFMC's large contract win for Equinor's Johan Sverdrup Phase 3 represents a significant financial milestone with a value between
The direct award nature of this contract following an integrated Front End Engineering and Design study demonstrates strong client confidence and typically results in better project economics. This continuation of work at Johan Sverdrup, where TechnipFMC delivered subsea systems for previous phases, indicates client satisfaction with their execution capability.
TechnipFMC's integrated execution model (iEPCI™) is particularly noteworthy as this approach typically delivers improved margins compared to traditional segmented contracts by reducing interface risks and optimizing project delivery timelines. The company's ability to secure recurring business from a major operator like Equinor for a prestigious North Sea development strengthens their competitive positioning in the subsea segment.
This contract further validates TechnipFMC's strategy of leveraging their technology and integrated delivery capabilities to capture significant subsea infrastructure projects, which should continue generating stable cash flows and supporting the company's financial performance.
This Phase 3 contract for Johan Sverdrup represents a strategic win for TechnipFMC in one of the North Sea's most significant offshore developments. The field, which began production in 2019, has emerged as a cornerstone asset in Norway's offshore portfolio, and this expansion indicates continued confidence in its long-term production potential.
The technical scope involves complex subsea tie-backs connecting new templates to existing infrastructure, leveraging TechnipFMC's core competencies in subsea production systems, umbilicals, and rigid pipe installation. The project's approach of maximizing production through infrastructure-led exploration and development represents the industry's shift toward optimizing returns from established assets rather than solely pursuing frontier exploration.
Johan Sverdrup's power-from-shore configuration, using low-emission resources, aligns with the increasing emphasis on reducing offshore carbon intensity. This feature makes the field one of the more carbon-efficient offshore developments globally, with emissions approximately
TechnipFMC's previous involvement in earlier phases creates significant execution advantages through familiarity with the field architecture and Equinor's technical requirements. This continuity typically results in smoother project implementation and reduces technical risks associated with integrating new systems into existing infrastructure. The direct award mechanism suggests TechnipFMC presented a compelling technical solution that satisfied Equinor's requirements without necessitating a competitive tender process.
The Johan Sverdrup field, which originally began production in 2019, is now one of the largest developments in the region. This latest phase will increase production by tying in additional wells to the current infrastructure, which is powered by low-emission resources onshore.
Jonathan
This direct award follows an integrated Front End Engineering and Design (iFEED®) study. TechnipFMC will design, manufacture, and install subsea production systems, umbilicals, and rigid pipe that will tie new templates into the existing Johan Sverdrup field center.
(1) For TechnipFMC, a “large” contract is between
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, including our assumptions and projections regarding the expected benefits of the awarded contract, 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 21,000 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 X @TechnipFMC.
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