TechnipFMC Awarded Significant Contract by Equinor for Halten East Development

Rhea-AI Summary

TechnipFMC (NYSE: FTI) has secured a major engineering, procurement, construction, and installation contract from Equinor for the subsea tiebacks of the Halten East development in Norway. This project includes the manufacturing and installation of flowlines, umbilicals, and subsea structures, tied to existing infrastructure on the Åsgard field. The contract, valued between $75 million and $250 million, enhances project economics for Equinor. The award follows their ongoing subsea umbilicals, risers, and flowlines framework agreement, pending government approval.

Positive

• Awarded a significant EPCI contract valued between $75 million and $250 million.
• Enhances project economics for Equinor's Halten East development.
• Strengthens ongoing partnership with Equinor under a framework agreement.

Negative

• None.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded a significant⁽¹⁾ engineering, procurement, construction, and installation (EPCI) contract by Equinor for subsea tiebacks for the Halten East development on the Norwegian Continental Shelf.

The contract covers the manufacture and installation of flowlines and the installation of umbilicals and subsea structures. The development of Halten East consists of the Gamma, Harepus, Flyndretind, Nona, Sigrid and Natalia discoveries. Halten East is a subsea development tied back to the existing infrastructure on the Åsgard field.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “We are proud that we can help our longstanding partner Equinor and its consortium partners transform the economics of this project by optimizing design, engineering, manufacturing, and installation.”

The award is the latest call-off on a subsea umbilicals, risers, and flowlines (SURF) framework agreement between the two companies. The contract is subject to government approval of the plan for development and operation.

⁽¹⁾ For TechnipFMC, a “significant” contract is between $75million and $250million.

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 contract did TechnipFMC recently secure related to FTI?

TechnipFMC secured a significant engineering, procurement, construction, and installation contract with Equinor for the subsea tiebacks of the Halten East development.

What is the value range of the contract awarded to TechnipFMC?

The contract awarded to TechnipFMC is valued between $75 million and $250 million.

What does the Halten East development include?

The Halten East development includes the Gamma, Harepus, Flyndretind, Nona, Sigrid, and Natalia discoveries.

What is the significance of the contract awarded to TechnipFMC for Equinor?

The contract enhances the project economics for Equinor's Halten East development.

Is the contract awarded to TechnipFMC subject to any approvals?

Yes, the contract is subject to government approval of the plan for development and operation.