TechnipFMC Awarded Significant Subsea Project by Equinor for the Verdande Field

Rhea-AI Summary

TechnipFMC (NYSE: FTI) has secured a significant contract for the subsea production system related to Equinor’s Verdande project in the Norwegian Continental Shelf. The deal, part of an existing framework agreement, encompasses all elements of the subsea system, including subsea trees, structures, and installation support. According to TechnipFMC, a 'significant' contract ranges from $75 million to $250 million. Jonathan Landes, President of Subsea at TechnipFMC, emphasized the strong relationship with Equinor, expressing confidence in the trust Equinor places in their technology.

Positive

• Awarded significant contract for subsea production system valued between $75 million and $250 million.
• Strengthens partnership with Equinor under the existing framework agreement.
• Demonstrates TechnipFMC's technological capabilities in subsea solutions.

Negative

• None.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded a significant⁽¹⁾ contract for the subsea production system for Equinor’s Verdande project on the Norwegian Continental Shelf.

The contract – awarded under TechnipFMC’s framework agreement with Equinor – covers the complete subsea production system including subsea trees and structures, control systems, connections, tooling, and installation support.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “This latest contract highlights the close relationship we have with Equinor under the framework agreement. We are delighted that Equinor is once again placing trust in our technology.”

⁽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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Matt Seinsheimer

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Source: TechnipFMC plc

FAQ

What contract did TechnipFMC receive for the Verdande project?

TechnipFMC was awarded a significant contract for the subsea production system for Equinor’s Verdande project.

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

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

How does the new contract affect TechnipFMC's relationship with Equinor?

The contract reinforces the close relationship between TechnipFMC and Equinor under their framework agreement.

What services does the contract cover for the Verdande project?

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

Who commented on the significance of the contract for TechnipFMC?

Jonathan Landes, President of Subsea at TechnipFMC, commented on the contract's significance.