TechnipFMC Receives Notice to Proceed and Adds Additional Contract for the Yellowtail Development
May 02 2022 - 4:15PM
Business Wire
TechnipFMC (NYSE: FTI) has been awarded an additional contract
and received notice to proceed by ExxonMobil (NYSE: EOM) affiliate
Esso Exploration and Production Guyana Limited for its Yellowtail
development in the Stabroek Block offshore Guyana.
The newly announced significant(1) flexibles contract covers six
risers which are qualified for high pressure and high
temperature.
The Company has also been given full notice to proceed with the
previously announced contract for the subsea production system
(SPS), following ExxonMobil’s final investment decision in April.
The initial award of the large(2) contract was announced in
November 2021. TechnipFMC will provide project management,
engineering, manufacturing and testing capabilities for the subsea
production system, which includes 51 enhanced vertical deepwater
trees (EVDT) and associated tooling, as well as 12 manifolds and
associated controls and tie-in equipment.
The majority of the total contract awards will be included in
the Company’s second quarter inbound orders.
Jonathan Landes, President, Subsea at TechnipFMC, commented: “We
are thrilled that our partnership with the Stabroek Block operator
continues to grow. We have an established presence in Guyana to
accommodate the level of activity there and we’re committed to
further developing local capabilities.”
TechnipFMC currently employs 70 Guyanese, and expects to
continue to hire and train additional local staff in support of
these awards.
(1) For TechnipFMC, a “significant” contract is between $75
million and $250 million. (2) For TechnipFMC, a “large” contract is
between $500 million and $1 billion.
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, 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 20,000 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 Twitter @TechnipFMC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220502005554/en/
Investor relations
Matt Seinsheimer Vice President, Investor Relations Tel: +1 281
260 3665 Email: Matt Seinsheimer
James Davis Senior Manager, Investor Relations Tel: +1 281 260
3665 Email: James Davis
Media relations
Nicola Cameron Vice President, Corporate Communications Tel: +44
1383 742297 Email: Nicola Cameron
Catie Tuley Director, Public Relations Tel: +1 713 876 7296
Email: Catie Tuley
TechnipFMC (NYSE:FTI)
Historical Stock Chart
From Mar 2024 to Apr 2024
TechnipFMC (NYSE:FTI)
Historical Stock Chart
From Apr 2023 to Apr 2024