TechnipFMC (NYSE: FTI) has been awarded two subsea contracts by Petrobras for the pre-salt fields offshore Brazil.
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 Brazil that enable continued development of pre-salt reserves.
Jonathan Landes, President, Subsea at TechnipFMC, commented: "These awards underscore our leadership position in flexible pipe technology, and the proven success of our standardized equipment platform that was effectively deployed for Petrobras on the Buzios 6-9 fields. Our nearly 70-year legacy in Brazil reflects our deep commitment to the region and highlights our continuing support of Petrobras's strategic vision. We will draw on our extensive in-country operations to deliver on these contracts."
(1) For TechnipFMC, a "substantial" contract is between $250 million and $500 million. This award will be included in inbound orders in the third quarter of 2024.
(2) For TechnipFMC, a "significant" contract is between $75 million and $250 million. This award will be included in inbound orders in the third quarter of 2024.
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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