TechnipFMC Awarded Significant Contract by TotalEnergies for Subsea 2.0™ Production Systems

Rhea-AI Summary

TechnipFMC (NYSE: FTI) has secured a significant contract from TotalEnergies EP Angola for subsea production systems in the CLOV3 development at Block 17, offshore Angola. This contract marks the first under a new framework agreement for brownfield developments in the region. The CLOV3 project will utilize Subsea 2.0™ trees and associated services, aimed at optimizing engineering and reducing time to first production. The contract value is estimated between $75 million and $250 million.

Positive

• Awarded significant contract with TotalEnergies for subsea production systems.
• Contract value estimated between $75 million and $250 million.
• Utilizes Subsea 2.0™ technology, optimizing engineering and procurement.

Negative

• None.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded a significant⁽¹⁾ contract by TotalEnergies EP Angola to supply subsea production systems for the CLOV3 development in Block 17, offshore Angola.

It is the first contract under the companies’ new framework agreement covering subsea trees for brownfield developments in Block 17 in Angola. The CLOV3 contract includes Subsea 2.0™ trees and associated controls, umbilical termination assemblies, jumpers and services.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “We are proud to continue working with our valued partner TotalEnergies EP Angola, with the support of our large installed base. Our framework agreement and the CLOV3 contract are the result of several years of collaboration to standardize subsea production equipment and optimize subsea developments.”

Subsea 2.0™ products use standardized components that are pre-engineered and qualified, which allows equipment to be rapidly configured according to each project’s specific requirements. This optimizes the engineering, supply chain, and manufacturing processes, thus reducing the time to first oil and/or gas.

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

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220616005879/en/

Investor relations



Matt Seinsheimer

Vice President, Investor Relations

Tel: +1 281 260 3665

Email: Matt Seinsheimer



James Davis

Senior Manager, Investor Relations

Tel: +1 281 260 3665

Email: James Davis

Media relations



Nicola Cameron

Vice President, Corporate Communications

Tel: +44 1383 742297

Email: Nicola Cameron



Catie Tuley

Director, Public Relations

Tel: +1 713 876 7296

Email: Catie Tuley

Source: TechnipFMC plc

FAQ

What is the significance of TechnipFMC's recent contract with TotalEnergies?

TechnipFMC's contract with TotalEnergies is significant as it marks the first under a framework agreement for subsea production systems in Angola, valued between $75 million and $250 million.

How does the Subsea 2.0™ technology benefit TechnipFMC's project?

Subsea 2.0™ technology allows for standardized components, optimizing engineering and supply chain processes to reduce time to first production.

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

The new contract awarded to TechnipFMC is estimated to be between $75 million and $250 million.

Where is TechnipFMC's new project located?

The new project is located in Block 17, offshore Angola.

What does the framework agreement with TotalEnergies cover?

The framework agreement covers the supply of subsea trees for brownfield developments in Block 17, Angola.