BP, Subsea Integration Alliance Sign MoU for Subsea Projects
BP plc BP, a global energy leader, announced that it has entered into a Memorandum of Understanding (MoU) with Subsea Integration Alliance, a collaboration between Subsea7 and OneSubsea. The MoU was signed at an official ceremony in London on Sep 22, 2023, attended by key personalities from both BP and Subsea Integration Alliance.
The MoU leverages the combined strengths, knowledge and extensive experience of the three companies across a diverse global project portfolio. By merging BP's project development capabilities with the alliance's expertise in delivering subsea production systems and subsea umbilical, riser and flowline systems, the partnership is poised to redefine project execution strategies.
According to BP, a dedicated team will oversee and manage activities throughout the program, prioritizing safety, quality and subsea project performance. Ewan Drummond, BP's senior vice president of projects, emphasized the partnerships’ potential to harness synergies and deliver projects more efficiently, thereby reducing the total cost of ownership that could bring significant benefits to customers and stakeholders.
Olivier Blaringhem, CEO of Subsea Integration Alliance, highlighted the alliance’s commitment to providing lower carbon energy solutions to the global market. He added that it aims to optimize long-term subsea performance, contributing to a sustainable energy future.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
Some better-ranked players in the energy sector are Range Resources Corporation RRC, currently sporting a Zacks Rank #1 (Strong Buy), and Baker Hughes Company BKR and Core Laboratories Inc CLB, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Range Resources is among the top 10 natural gas producers in the United States with a diversified asset portfolio spread between low-risk and long reserve-life Appalachian assets. The company’s extensive inventory of Marcellus resources with low breakeven points is a significant asset. RRC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past seven days.
Baker Hughesis one of the world’s largest oilfield service providers. The company’s integrated oilfield products and digital solutions help customers efficiently and cost-effectively refine and transport hydrocarbons with low environmental concerns.BKR has witnessed an upward earnings estimate revision for 2023 and 2024 over the past 30 days.
Core Laboratories’ strong presence in the emerging shale plays and its global footprint will provide for steady growth rates going forward. CLB’s technology-heavy portfolio of proprietary products and services gives it the opportunity to optimize production from new and existing fields. It has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
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