TechnipFMC (FTI) Wins iEPCI Contract in Offshore Norway
The French-American, U.K.-domiciled oilfield services major, TechnipFMC FTI, recently announced that it won a substantial integrated engineering, procurement, construction and installation (iEPCI) contract from the German gas and oil producer, Wintershall Dea Norge, for the Maria revitalization project.
This revitalization project, which will add anything between $75 million and $250 million to TechnipFMC’s revenues, will further augment production at the Maria field located around 200 kilometers off the coast of Norway in the Norwegian Continental Shelf. FTI will deliver subsea trees, spools, jumpers, and flexible pipes per the contract.
The revitalization development will tie extra-lightweight six-slot integrated template structures. The two prevailing templates in the Maria field are part of TechnipFMC’s installed base and started production in 2017.
President, subsea at TechnipFMC, Jonathan Landes mentioned that this contract award is built on FTI’s competence to effectively use its integrated front-end engineering and design model. Landes stated that the company could optimize the field layout and maximize the benefits of integrated project execution by early engagement. “Our involvement helped reduce the carbon footprint of the revitalization project by modifying existing infrastructure, eliminating the need for an additional 4,000 meters of pipe," he concluded.
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 #3 (Hold). Investors might want to look at some better-ranked stocks from the energy sector, including Falcon Minerals FLMN, Ranger Oil ROCC and Murphy USA MUSA, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Falcon’s 2022 earnings is projected at 60 cents per share, up by 114.3% from the projected year-ago earnings of 28 cents.
Falcon’s stock has gone up 98.5% in a year. The Zacks Consensus Estimate for FLMN’s 2022 earnings has been revised about 30.4% upward over the past 60 days from 46 cents to 60 cents per share.
The Zacks Consensus Estimate for Ranger Oil’s 2022 earnings is projected at $10.46 per share, which is an increase of 90.9% from the projected year-ago earnings of $5.48.
ROCC beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 27.3%. Ranger Oil’s stock has rallied 221.5% in a year.
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Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 24.6%. MUSA stock has increased 76.3% in a year.
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