TechnipFMC Awarded Major iEPCI™ Contract for TotalEnergies’ GranMorgu Development Offshore Suriname

Rhea-AI Summary

TechnipFMC has secured a major integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract from TotalEnergies for the GranMorgu project in Block 58, marking the first oil and gas development offshore Suriname. The contract, valued at over $1 billion, combines TechnipFMC's subsea expertise with Saipem's EPCI solutions and J-Lay pipelay capabilities.

The scope includes Subsea 2.0® tree systems, manifolds, connectors, topside control equipment, umbilicals, flexible jumpers, and flexible risers. The award will be included in inbound orders in Q4 2024.

Positive

• Secured major contract worth over $1 billion
• First-mover advantage in emerging Suriname offshore market
• Contract to be included in Q4 2024 inbound orders

Negative

• None.

Insights

Financial Analyst

This $1+ billion iEPCI contract represents a significant win for TechnipFMC, marking their entry into Suriname's first offshore oil and gas development. The deal with TotalEnergies strengthens FTI's market position in frontier markets and showcases their integrated execution model. Key value drivers include:

• Deployment of proprietary Subsea 2.0® technology, enhancing project economics
• Strategic collaboration with Saipem for optimal execution
• Revenue recognition starting Q4 2024, providing strong backlog visibility

The contract's scale relative to FTI's $12.2 billion market cap (~8%) makes this a material catalyst for future growth. The emerging Suriname market also presents additional opportunities as TotalEnergies advances Block 58 development.

Energy Industry Analyst

This development marks a pivotal moment for Suriname's offshore energy sector, following successful exploration efforts in Block 58. The project's execution approach, combining TechnipFMC's subsea expertise with Saipem's J-Lay capabilities, is optimized for the challenging deep-water environment. The selection of Subsea 2.0® technology indicates a focus on cost efficiency and faster deployment, critical for frontier market economics. This development could catalyze further investment in Suriname's offshore sector, potentially establishing a new hub for oil and gas production in South America.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) (“the Company”) has been awarded a major⁽¹⁾ integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by TotalEnergies for its GranMorgu project on Block 58, the first oil and gas development offshore Suriname.

This iEPCI™ award supports the development of an emerging frontier and is enabled by the Company’s vessel ecosystem. The project will combine TechnipFMC’s leading subsea architecture with Saipem’s (MILAN:SPM) EPCI solutions and best-in-class pipelay capabilities—notably J-Lay, the optimal solution given the location offshore Suriname—to accelerate time to first oil and increase schedule certainty.

TechnipFMC’s contracted scope for the project includes Subsea 2.0^® tree systems, manifolds, connectors, and topside control equipment. The Company will also supply umbilicals, flexible jumpers, and flexible risers.

Jonathan Landes, President, Subsea at TechnipFMC commented: “We are very pleased to receive this iEPCI™ award for the GranMorgu project. We are bringing our new frontier experience and differentiated technology—including Subsea 2.0^®—while leveraging the complementary capabilities of our vessel ecosystem.”

(1) For TechnipFMC, a “major” contract is more than $1 billion, and this represents the value of the contracted scope awarded to the Company. This award will be included in inbound orders in the fourth quarter of 2024.

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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Investor relations

Matt Seinsheimer

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Tel: +1 281 260 3665

Email: Matt Seinsheimer

James Davis

Director, Investor Relations

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Email: James Davis

Media relations

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Email: David Willis

Source: TechnipFMC plc

FAQ

What is the value of TechnipFMC's (FTI) GranMorgu contract with TotalEnergies?

The contract is classified as 'major,' which for TechnipFMC means it is valued at more than $1 billion.

When will TechnipFMC (FTI) include the GranMorgu project in its inbound orders?

The GranMorgu project award will be included in TechnipFMC's inbound orders in the fourth quarter of 2024.

What equipment will TechnipFMC (FTI) supply for the GranMorgu project?

TechnipFMC will supply Subsea 2.0® tree systems, manifolds, connectors, topside control equipment, umbilicals, flexible jumpers, and flexible risers.