TechnipFMC Awarded Large Integrated EPCI (iEPCI™) Contract for AKER BP’s Utsira High Development

Rhea-AI Summary

TechnipFMC (NYSE: FTI) has secured a significant integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract from Aker BP for the Utsira High development. This contract, categorized as 'large' (worth between $500 million and $1 billion), consolidates three projects connecting to the Ivar Aasen and Edvard Grieg platforms. The contract follows a two-year iFEED™ study aimed at optimizing field layout. TechnipFMC's President of Subsea, Jonathan Landes, emphasized that their expertise in the Utsira High region contributed to winning this direct award and highlighted the advantages of their integrated model.

Positive

• Awarded a large iEPCI™ contract worth between $500 million and $1 billion.
• The contract consolidates three projects, enhancing operational efficiency.
• Expertise in the Utsira High region was pivotal in securing the contract.

Negative

• None.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded a large⁽¹⁾ integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Aker BP (OSE: AKRBP) for its Utsira High development.

The contract brings together three projects that will tie back to the Ivar Aasen and Edvard Grieg production platforms. TechnipFMC will engineer, procure, construct, and install the subsea production systems, controls, pipelines, and umblicals for the development, which is Aker BP’s first iEPCI™ project. It follows a two-year integrated front-end engineering and design (iFEED™) study to optimize field layout.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “Aker BP is joining the growing list of clients who are choosing the benefits of our integrated model, which include an acceleration in time to first production. Our familiarity with the Utsira High area and the success of our installed base there were key components in receiving this direct award. We have valued our dialogue with Aker BP during this process and we are excited about collaborating with them on Utsira High.”

(1) For TechnipFMC, a “large” contract is between $500 million and $1 billion.

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 value of the iEPCI™ contract awarded to TechnipFMC?

The iEPCI™ contract awarded to TechnipFMC is valued between $500 million and $1 billion.

Who awarded the iEPCI™ contract to TechnipFMC?

The iEPCI™ contract was awarded to TechnipFMC by Aker BP.

What does the iEPCI™ contract entail for TechnipFMC?

The contract involves engineering, procurement, construction, and installation of subsea production systems and pipelines for Aker BP's Utsira High development.

What is the significance of the Utsira High development for TechnipFMC?

The Utsira High development marks Aker BP's first iEPCI™ project, showcasing TechnipFMC's integrated model and expertise.

How long did the iFEED™ study take before the iEPCI™ contract was awarded?

The iFEED™ study took two years to optimize the field layout before the iEPCI™ contract was awarded.