TechnipFMC Awarded Multi-Year Surface Technologies Contract

Rhea-AI Summary

TechnipFMC (NYSE: FTI) has secured a significant 10-year framework agreement with the Abu Dhabi National Oil Company (ADNOC) for wellheads, trees, and associated services. This contract, valued at over $1 billion, marks the largest-ever Surface Technologies deal for TechnipFMC. The agreement aims to enhance local manufacturing and assembly capabilities in Abu Dhabi while significantly expanding TechnipFMC's services. The CEO emphasized the long-standing partnership with ADNOC as foundational to this contract.

Positive

• Awarded a major 10-year framework agreement with ADNOC valued at over $1 billion.
• Contract will enhance local manufacturing and assembly capabilities in Abu Dhabi.
• Strengthening of in-country talent development as part of the agreement.

Negative

• None.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) (PARIS: FTI), through Gulf Automation Services and Oilfield Supplies LLC, has been awarded a major⁽¹⁾ 10-year framework agreement for wellheads, trees and associated services by the Abu Dhabi National Oil Company (ADNOC).

Under the framework agreement, TechnipFMC will further grow in-country talent and expand existing manufacturing, assembly and test capabilities in Abu Dhabi in order to deliver the Company’s complete portfolio of surface wellheads and trees locally.

Barry Glickman, President, Surface Technologies at TechnipFMC, commented: “This is our largest-ever Surface Technologies contract. It’s founded on the trust built over our multi-decade partnership with ADNOC and our track record of product and digital innovation, execution and continuous improvement. The longevity of the agreement demonstrates ADNOC’s confidence in our ability to comprehensively broaden our capabilities in-country, positioning us to meet ADNOC’s needs now and in the future.”

(1) For TechnipFMC, a “major” contract is over $1 billion. A portion of this award will be inbound in future periods.

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.

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Source: TechnipFMC plc

FAQ

What is the significance of the recent TechnipFMC contract with ADNOC?

The contract is worth over $1 billion and represents the largest Surface Technologies deal for TechnipFMC, aimed at expanding in-country capabilities.

How long is the framework agreement between TechnipFMC and ADNOC?

The framework agreement is set for a duration of 10 years.

What products and services is TechnipFMC providing under this agreement?

TechnipFMC will provide wellheads, trees, and associated services under the agreement with ADNOC.

What does the award mean for TechnipFMC's operations in Abu Dhabi?

The award will enhance local manufacturing and assembly capabilities, fostering talent development in the region.

When was the framework agreement with ADNOC announced?

The framework agreement was announced in a recent press release by TechnipFMC.