TechnipFMC Awarded Significant Subsea Contract by Wintershall Dea

Rhea-AI Summary

TechnipFMC (NYSE: FTI) has secured a significant contract from Wintershall Dea Norge AS for the Dvalin North project. The deal involves engineering, procurement, construction, and installation of pipe connected to the Heidrun Platform in the Norwegian Continental Shelf. This marks the second major contract awarded to TechnipFMC by Wintershall in 2022, with the contract value estimated between $75 million and $250 million. The agreement strengthens TechnipFMC's established relationship with Wintershall Dea.

Positive

• Secured a significant contract with Wintershall Dea Norge AS for the Dvalin North project.
• Contract value estimated between $75 million and $250 million.
• Strengthens established relationship with Wintershall Dea.

Negative

• None.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded a significant⁽¹⁾ engineering, procurement, construction, and installation contract by Wintershall Dea Norge AS for its Dvalin North project.

The contract covers the design, engineering, manufacture, and installation of pipe for the Dvalin North field, which will be tied back to the Heidrun Platform via the existing Dvalin field on the Norwegian Continental Shelf (NCS).

Jonathan Landes, President, Subsea at TechnipFMC, commented: “We previously installed subsea umbilicals, risers and flowlines in the Dvalin field, and this new contract builds on the success of our installed base there. We have a deep understanding of our client’s needs and a strong, collaborative relationship with Wintershall Dea.”

Dvalin North was the second significant contract awarded to TechnipFMC by Wintershall Dea in 2022, following on from an iEPCI™ that will extend the life of the Maria field in the NCS.

(1) For TechnipFMC, a “significant” contract is between $75 million and $250 million. This award was included in inbound orders in the fourth quarter of 2022.

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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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230110005756/en/

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FAQ

What is the contract awarded to TechnipFMC for the Dvalin North project?

TechnipFMC has been awarded an engineering, procurement, construction, and installation contract by Wintershall Dea Norge AS for the Dvalin North project.

What is the estimated value of TechnipFMC's new contract with Wintershall Dea?

The contract value is estimated to be between $75 million and $250 million.

How does the Dvalin North project relate to TechnipFMC's previous contracts?

The Dvalin North project marks the second significant contract awarded to TechnipFMC by Wintershall Dea in 2022.

What are the implications of the Dvalin North contract for TechnipFMC's stock?

The contract may positively impact TechnipFMC's stock performance by enhancing revenue and solidifying client relationships.