TechnipFMC Awarded Subsea Contracts by Petrobras for Brazil’s Pre-Salt Fields
TechnipFMC (NYSE: FTI) has secured two significant subsea contracts from Petrobras for Brazil's pre-salt fields. The first, a substantial contract valued between $250 million and $500 million, involves designing, engineering, and manufacturing riser flexible pipe, along with associated services. The second, a significant contract worth between $75 million and $250 million, covers subsea production systems for the Atapu 2, Sepia 2, and Roncador projects, including installation support and life-of-field services.
Both contracts will utilize local manufacturing and servicing capabilities in Brazil, supporting the development of pre-salt reserves. Jonathan Landes, President of Subsea at TechnipFMC, highlighted the company's leadership in flexible pipe technology and its standardized equipment platform. These awards will be included in inbound orders for the third quarter of 2024.
TechnipFMC (NYSE: FTI) ha ottenuto due contratti sottomarini significativi da Petrobras per i campi pre-salinici del Brasile. Il primo, un contratto sostanziale del valore compreso tra 250 milioni e 500 milioni di dollari, riguarda la progettazione, l'ingegneria e la produzione di tubi flessibili riservati, insieme ai servizi associati. Il secondo, un contratto importante del valore compreso tra 75 milioni e 250 milioni di dollari, riguarda i sistemi di produzione sottomarina per i progetti Atapu 2, Sepia 2 e Roncador, inclusi supporto all'installazione e servizi durante la vita del campo.
Entrambi i contratti utilizzeranno le capacità di produzione e assistenza locali in Brasile, sostenendo lo sviluppo delle riserve pre-saliniche. Jonathan Landes, Presidente della divisione Sottomarina di TechnipFMC, ha evidenziato la leadership della società nella tecnologia dei tubi flessibili e la sua piattaforma di attrezzature standardizzate. Questi premi saranno inclusi negli ordini in entrata per il terzo trimestre del 2024.
TechnipFMC (NYSE: FTI) ha logrado dos contratos submarinos significativos de Petrobras para los campos pre-sal en Brasil. El primero, un contrato sustancial valorado entre 250 millones y 500 millones de dólares, implica diseñar, ingeniería y fabricación de tuberías flexibles de riser, junto con los servicios asociados. El segundo, un contrato importante valorado entre 75 millones y 250 millones de dólares, abarca sistemas de producción submarina para los proyectos Atapu 2, Sepia 2 y Roncador, incluyendo soporte de instalación y servicios durante la vida del campo.
Ambos contratos utilizarán capacidades de fabricación y servicio locales en Brasil, respaldando el desarrollo de reservas pre-salinas. Jonathan Landes, Presidente de Submarino en TechnipFMC, destacó el liderazgo de la empresa en tecnología de tuberías flexibles y su plataforma de equipos estandarizados. Estos premios se incluirán en los pedidos entrantes para el tercer trimestre de 2024.
TechnipFMC (NYSE: FTI)는 브라질의 프리솔트 유전을 위한 페트로브라스의 두 개의 중요한 해양 계약을 체결했습니다. 첫 번째는 2억 5천만 달러에서 5억 달러 사이의 상당한 가치가 있는 계약으로, 플렉시블 파이프의 설계, 엔지니어링 및 제조와 관련된 서비스들을 포함합니다. 두 번째 계약은 7천5백만 달러에서 2억 5천만 달러 사이의 가치가 있으며, 아타푸 2, 세피아 2, 론카도르 프로젝트의 해양 생산 시스템을 다루며, 설치 지원 및 필드 수명 서비스가 포함됩니다.
두 계약 모두 브라질 내 현지 제조 및 서비스 능력을 활용하며, 프리솔트 매장량 개발을 지원합니다. TechnipFMC의 해양 부문 사장인 조나단 랜즈는 플렉시블 파이프 기술에서의 회사의 리더십과 표준화된 장비 플랫폼을 강조했습니다. 이러한 계약은 2024년 3분기의 수주로 포함될 예정입니다.
TechnipFMC (NYSE: FTI) a obtenu deux contrats sous-marins significatifs de Petrobras pour les champs pré-salins du Brésil. Le premier, un contrat substantiel d'une valeur comprise entre 250 millions et 500 millions de dollars, concerne la conception, l'ingénierie et la fabrication de tuyaux flexibles risers, ainsi que des services associés. Le deuxième, un contrat significatif d'une valeur comprise entre 75 millions et 250 millions de dollars, couvre les systèmes de production sous-marins pour les projets Atapu 2, Sepia 2 et Roncador, y compris le soutien à l'installation et les services tout au long de la vie du champ.
Les deux contrats utiliseront les capacités de fabrication et de service locales au Brésil, soutenant le développement des réserves pré-salines. Jonathan Landes, président de la division Sous-marin chez TechnipFMC, a souligné le leadership de l'entreprise dans la technologie des tuyaux flexibles et sa plateforme d'équipement standardisée. Ces contrats seront inclus dans les commandes entrantes pour le troisième trimestre de 2024.
TechnipFMC (NYSE: FTI) hat zwei bedeutende Unterwasserverträge von Petrobras für die Pre-Salt-Felder Brasiliens gesichert. Der erste, ein erheblicher Vertrag im Wert von 250 Millionen bis 500 Millionen Dollar, umfasst die Konstruktion, Ingenieurleistungen und die Herstellung flexibler Rohrleitungen sowie zugehörige Dienstleistungen. Der zweite, ein bedeutender Vertrag im Wert von 75 Millionen bis 250 Millionen Dollar, deckt Unterwasserproduktionssysteme für die Projekte Atapu 2, Sepia 2 und Roncador ab, einschließlich Installationsunterstützung und Dienstleistungen über die Lebensdauer des Feldes.
Beide Verträge werden lokale Fertigungs- und Servicemöglichkeiten in Brasilien nutzen, um die Entwicklung der Pre-Salt-Reserven zu unterstützen. Jonathan Landes, Präsident von Subsea bei TechnipFMC, hob die Führungsrolle des Unternehmens in der Technologie flexibler Rohre und seine standardisierte Ausrüstungsplattform hervor. Diese Aufträge werden in die Eingangsbestellungen für das dritte Quartal 2024 aufgenommen.
- Secured two significant subsea contracts from Petrobras
- First contract valued between $250 million and $500 million
- Second contract valued between $75 million and $250 million
- Utilization of local manufacturing and servicing capabilities in Brazil
- Contracts to be included in inbound orders for Q3 2024
- None.
Insights
TechnipFMC's new contracts with Petrobras are a significant boost to the company's order backlog and future revenue streams. The
The contracts leverage TechnipFMC's core capabilities in Brazil, reinforcing their market position in the region's pre-salt fields. The company's ability to secure repeat business from Petrobras, particularly after the success of the Buzios 6-9 fields project, demonstrates strong client satisfaction and technological leadership. This could lead to improved profit margins due to economies of scale and standardization.
These contracts highlight the continued development of Brazil's pre-salt reserves, which are important for the country's oil production growth. Petrobras's investment in these fields signals confidence in long-term offshore production, despite global shifts towards renewable energy.
TechnipFMC's local manufacturing and servicing capabilities align with Brazil's local content requirements, giving them a competitive edge. The inclusion of life-of-field services in the second contract suggests potential for long-term revenue streams beyond initial equipment sales. This approach of offering integrated solutions could set a trend in the industry, potentially reshaping competition in the subsea equipment market.
These contracts could serve as a catalyst for TechnipFMC's stock. The company's ability to secure large contracts in a competitive environment demonstrates its strong market position. However, investors should note that the financial impact won't be immediate, as the orders will be booked in Q3 2024.
The contracts also highlight a potential uptick in offshore spending, which could benefit the entire sector. This could signal a broader industry recovery, potentially leading to increased investor interest in offshore service providers. Long-term, TechnipFMC's focus on standardization and local capabilities could lead to improved operational efficiency and higher margins, factors that could positively influence the company's valuation multiples.
The first award is a substantial(1) contract to design, engineer, and manufacture riser flexible pipe. TechnipFMC will also supply associated services including packing and storage.
The second award, which followed a competitive tender, is a significant(2) contract to design, engineer, and manufacture subsea production systems to be deployed on the Atapu 2, Sepia 2, and Roncador projects. The contract also covers installation support and life-of-field services, as well as the option for additional equipment and services.
All equipment and products will be manufactured and serviced locally, leveraging core capabilities in
Jonathan
(1) For TechnipFMC, a “substantial” contract is between
(2) For TechnipFMC, a “significant” contract is between
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, including our assumptions and projections regarding the expected benefits of the awarded contracts, 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 21,000 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 X (formerly Twitter) @TechnipFMC.
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