TechnipFMC Receives Notice to Proceed for Subsea Contract for Santos Barossa Project Offshore Australia

Rhea-AI Summary

TechnipFMC (NYSE:FTI) announced receiving a Notice to Proceed for a significant subsea production system contract from Santos Ltd. for the Barossa project, located 300 kilometers north of Darwin, Australia. The contract, valued between $75 million and $250 million, includes the supply of subsea trees, manifolds, and control systems, along with installation support. This project aims to extend the life of the existing Darwin LNG facility, reinforcing TechnipFMC's partnership with Santos and commitment to Australia's energy sector.

Positive

• Secured subsea contract from Santos Ltd. for the Barossa project valued between $75 million and $250 million.
• Contract involves crucial components for enhancing the existing Darwin LNG facility.
• Strengthened relationship with Santos, indicating trust and future collaboration opportunities.

Negative

• None.

TechnipFMC (NYSE:FTI) (Paris:FTI) (ISIN:GB00BDSFG982) today announced it has received a Notice to Proceed for a significant⁽¹⁾ subsea production system contract from Santos Ltd. (ASX: STO) for the Barossa project, located 300 kilometers north of Darwin, Australia, at a water depth of approximately 130 meters.

The contract scope covers the supply of subsea trees and associated control systems, manifolds and wellheads, as well as installation and commissioning support, which will help to extend the life of the existing Darwin LNG facility.

Jonathan Landes, President Subsea at TechnipFMC, commented: “We are very pleased to have been selected as a subsea partner for the Barossa project. This important award strengthens our relationship with Santos and further demonstrates our commitment to assist in the development of the Australian energy sector.”

⁽¹⁾ For TechnipFMC, a “significant” contract ranges 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 “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/20210426005872/en/

FAQ

What is the value of the contract received by TechnipFMC from Santos Ltd.?

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

What components are included in TechnipFMC's contract for the Barossa project?

The contract includes subsea trees, control systems, manifolds, and installation support.

Where is the Barossa project located?

The Barossa project is located 300 kilometers north of Darwin, Australia.

How does the Barossa project affect the Darwin LNG facility?

The Barossa project aims to extend the life of the existing Darwin LNG facility.

When was the Notice to Proceed issued for the Barossa project?

The Notice to Proceed was announced today by TechnipFMC.