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TechnipFMC (FTI) Partners Magnora to Form Floating Wind Power

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TechnipFMC plc FTI recently signed a deal with Magnora, a Norway-based renewable energy company, to jointly develop and promote floating offshore wind prospects.

Magnora is presently an owner of offshore wind, onshore wind and solar development ventures in the renewable energy sector. The partnership will strive to build on Magnora’s recognition in renewable energy along with TechnipFMC’s expertise.

Magnora Offshore Wind already began activating an application for the initial phase of seabed leasing via the Scottish administration's ScotWind Leasing project. Further, the combined entity is considering to take part in the first offshore wind application round in Norway, which opens this year, and also plans to tap new markets in the near-term.

Jonathan Landes, president, subsea, TechnipFMC stated that “Magnora and TechnipFMC bring together decades of combined knowledge regarding the development of profitable offshore energy projects. This partnership reflects TechnipFMC’s ambition to capture a significant position in the renewable offshore energy market. We are delighted to support Magnora Offshore Wind by providing our expertise and know-how in bringing innovative offshore energy solutions to the market.”

Brief on the Company

TechnipFMC is a leading manufacturer and supplier of products, services and fully-integrated technology solutions to the energy industry. The company formed from the January 2017 merger of Technip and FMC Technologies is engaged in designing, producing and servicing technologically-sophisticated systems and products for subsea, onshore/offshore and surface projects.

Zacks Rank & Key Picks

TechnipFMC currently has a Zacks Rank #5 (Strong Sell).

Some better-ranked players in the energy space are Matador Resources Company MTDR, Diamondback Energy, Inc. FANG and Denbury Inc. DEN, each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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