TechnipFMC FTI has been awarded a significant contract by ExxonMobil’s XOM affiliate, Esso Exploration and Production Guyana Limited, for the Gas to Energy Project in the South American country of Guyana.
According to the contract, which is subject to the final project approval, FTI will provide the engineering, procurement, construction and installation of subsea risers and pipelines. The development will link production from Liza Destiny and Unity back to shore, transporting associated gas from the field to a gas-fired power plant that will supply electricity to the community.
Per TechnipFMC’s definition of a significant contract, the deal is worth somewhere between $75 million and $250 million.
President, Subsea at TechnipFMC, Jonathan Landes, mentioned that this project is an example of how FTI assists in delivering the energy the world needs and that the company was thrilled to be supporting another project in Guyana. “We remain proud of our dedicated Guyanese employees and are committed to the continued development and expansion of local capabilities,” he ended.
As of now, the French-American, U.K.-domiciled oilfield services giant employs more than 85 Guyanese nationals, and the company expects to hire and train additional local staff in support of this contract award.
ExxonMobil is an American multinational oil and gas corporation headquartered in Irving, Texas. Formed on November 30, 1999, by the merger of Exxon (formerly the Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York). ExxonMobil's primary brands are Exxon, Mobil, Esso, and ExxonMobil Chemical, which produces plastic, synthetic rubber, and other chemical products. ExxonMobil divides its operations into three main segments: Upstream (exploration & production), Downstream (refining) and Chemical (manufacturing & marketing petrochemicals).
TechnipFMC plc is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company reached its current form following the January 2017 merger between Technip and FMC Technologies.
TechnipFMC currently has a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space that warrant a look include Petrobras PBR, and Liberty Energy LBRT, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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