Technip Energies to Provide FEED for Equinor Floating Offshore Wind Firefly Project in South Korea

Rhea-AI Summary

Technip Energies has been awarded a Front-End Engineering Design (FEED) contract by Equinor South Korea for the Firefly offshore floating wind project, located 70 kilometers off South Korea's East Coast. The project, aiming for 800 megawatts capacity, will utilize Technip’s INO15™ floater technology, designed for efficient mass production. The wind farm is set to operate by 2027 and will contribute to Equinor's renewable capacity goals. Technip reinforces its commitment to supporting energy transition through innovative engineering solutions.

Positive

• Awarded FEED contract for the 800 megawatt Firefly offshore wind project by Equinor.
• Utilization of INO15™ technology, enhancing competitive edge in floating wind solutions.
• Project aligns with Equinor's renewable energy goals of 12-16 gigawatts by 2030.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Technip Energies (PARIS:TE) has been selected by Equinor South Korea Co Ltd to perform a Front-End Engineering Design (FEED) for the offshore floating wind Firefly project, located 70 kilometers offshore the East Coast of South Korea.

The FEED contract covers engineering of the floating wind turbine substructures for the proposed 800 megawatts offshore wind farm. The design of the substructures will include Technip Energies’ in-house floater technology INO15™. With a capacity of 15 megawatts, INO15™ technology is a three columns semi-submersible floater which is well suited for fabrication in large series. The substructure design is in alignment with Equinor's wind semi design principles.

Firefly wind farm is planned for an area of 2 x 75 km2 off the coast of the city of Ulsan in South Korea and will serve to feed the Korean grid. It is planned to be in operation in 2027.

Willy Gauttier, VP Offshore Floating Wind at Technip Energies, commented: “We are glad to have been awarded this FEED by our long-lasting client Equinor and that the INO15™ floater technology has been selected for the development of the offshore wind farm. It perfectly illustrates that engineering and technology will be key to accelerate the energy transition. Through the Firefly project, we are committed to support Equinor in its objective to reach an installed net renewables capacity of 12-16 gigawatts by 2030.”

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States. For further information: www.technipenergies.com.

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. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

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FAQ

What is the Firefly project related to Technip Energies (THNPY)?

The Firefly project is an offshore floating wind project for which Technip Energies has been awarded a FEED contract by Equinor, aiming for 800 megawatts capacity.

How will the Firefly project impact Technip Energies (THNPY)?

The Firefly project enhances Technip Energies' portfolio in renewable energy, potentially boosting future revenues and market position.

When is the Firefly wind farm expected to be operational?

The Firefly wind farm is planned to be operational by 2027.

What technology is being used in the Firefly project by Technip Energies (THNPY)?

The project will utilize Technip Energies' INO15™ floater technology, which is designed for efficient production.