TechnipFMC Awarded Significant Integrated EPCI (iEPCI™) Contract by Wintershall Dea

Rhea-AI Summary

TechnipFMC (NYSE: FTI) has secured a major integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract from Wintershall Dea Norge AS for the Maria revitalization project in Norway. This project aims to enhance production at the Maria field, which has been operational since 2017. The contract, valued between $75 million and $250 million, entails the installation of new subsea infrastructure. Notably, the project will reduce its carbon footprint by optimizing existing infrastructure, which eliminates the need for an additional 4,000 meters of piping.

Positive

• Awarded a significant iEPCI™ contract valued between $75 million and $250 million.
• Project expected to enhance production at the Maria field, operational since 2017.
• Optimized infrastructure usage will reduce carbon footprint significantly.

Negative

• None.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded a significant⁽¹⁾ integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Wintershall Dea Norge AS for its Maria revitalization project.

The project will boost production at the existing Maria field in the Norwegian Continental Shelf. The contract includes subsea trees, spools, jumpers, and flexible pipes.

The revitalization project will tie in an additional lightweight six-slot integrated template structures (ITS). The two existing templates in the Maria field are part of TechnipFMC’s installed base and began production in 2017.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “This iEPCI™ award is built on our ability to leverage our integrated front end engineering and design (iFEED™) model. Through early engagement, we optimized the field layout and maximized the benefits of integrated project execution. Our involvement helped reduce the carbon footprint of the revitalization project by modifying existing infrastructure, eliminating the need for an additional 4,000 meters of pipe.”

(1)		For TechnipFMC, a “significant” contract is between $75 million and $250 million.
Note: this inbound order was included in the Company’s first quarter financial results.

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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 significance of the new contract awarded to TechnipFMC (FTI)?

The contract is valued between $75 million and $250 million and aims to enhance production at the Maria field in Norway.

How does the Maria revitalization project impact TechnipFMC's operations?

The project will boost production at the existing Maria field, benefiting TechnipFMC's operational portfolio.

What technology is being utilized in the Maria project by TechnipFMC (FTI)?

TechnipFMC is utilizing its integrated Engineering, Procurement, Construction, and Installation (iEPCI™) model in the Maria project.

When did production start at the Maria field?

Production at the Maria field began in 2017.

How much piping will be eliminated due to the optimizations in the Maria project?

The optimizations will eliminate the need for an additional 4,000 meters of piping.