TechnipFMC Awarded Significant Subsea Contract for Equinor’s Irpa Development

Rhea-AI Summary

TechnipFMC (NYSE: FTI) has secured a significant contract from Equinor for subsea production systems related to the Irpa oil and gas development on the Norwegian Continental Shelf. The contract, valued between $75 million and $250 million, includes the supply and installation support for subsea trees, control systems, and tooling. Jonathan Landes, President of Subsea at TechnipFMC, highlighted the project’s reliance on their standardized production system tailored for the region's demands, underscoring Equinor's confidence in TechnipFMC's technology and capabilities.

Positive

• Contract awarded valued between $75 million and $250 million.
• Continued collaboration with Equinor reinforces TechnipFMC's reputation.

Negative

• None

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded a significant⁽¹⁾ contract for subsea production systems by Equinor for its Irpa oil and gas development on the Norwegian Continental Shelf.

Awarded under the companies’ framework agreement, the contract covers the supply and installation support of subsea trees, control systems, structures, and connections, as well as tooling.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “This project will utilize our standardized production system, which was designed to meet the specific demands of the Norwegian Continental Shelf. The award demonstrates Equinor’s confidence in our technology, quality, and ability to deliver. We’re delighted to continue supporting them.”

(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 “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 receive from Equinor?

TechnipFMC was awarded a significant contract for subsea production systems for the Irpa oil and gas development.

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

The contract value is between $75 million and $250 million.

When was the contract awarded to TechnipFMC by Equinor?

The contract was recently awarded, as stated in the press release.

What components are included in the TechnipFMC contract with Equinor?

The contract includes subsea trees, control systems, structures, connections, and tooling.

What does the contract signify for TechnipFMC's business?

The contract demonstrates Equinor's confidence in TechnipFMC's technology and ability to deliver on projects.