TechnipFMC Says 2Q:22 Subsea Inbound Orders Were $1,928mn

(TechnipFMC, 27.Jul.2022) — TechnipFMC plc announced subsea inbound orders were $1,928mn for the second quarter of 2022. Book-to-bill in the period was 1.4. The following awards were included in the period:

— ExxonMobil Yellowtail Project (Guyana)
Awarded an additional contract and received notice to proceed for the Yellowtail development in the Stabroek Block offshore Guyana. The newly announced significant* 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* contract was announced in November 2021. TechnipFMC will provide project management, engineering, manufacturing and testing capabilities for the SPS, 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 was included in the Company’s second quarter inbound orders.
*A “significant” contract ranges between $75mn and $250mn; a “large” contract ranges between $500mn and $1bn.

— Equinor Halten East Project (Norway)
Significant* Engineering, Procurement, Construction, and Installation (EPCI) contract by Equinor for subsea tiebacks for the Halten East development on the Norwegian Continental Shelf. The contract covers the manufacture and installation of flowlines and the installation of umbilicals and subsea structures. The development of Halten East consists of the Gamma, Harepus, Flyndretind, Nona, Sigrid and Natalia discoveries. Halten East is a subsea development tied back to the existing infrastructure on the Åsgard field. The award is the latest call-off on a subsea umbilicals, risers, and flowlines (SURF) framework agreement between the two companies. The contract is subject to government approval of the plan for development and operation.
*A “significant” contract ranges between $75mn and $250mn.

— TotalEnergies CLOV3 Project (Angola)
Significant* contract by TotalEnergies EP Angola to supply subsea production systems for the CLOV3 development in Block 17, offshore Angola. It is the first contract under the companies’ new framework agreement covering subsea trees for brownfield developments in Block 17 in Angola. The CLOV3 contract includes Subsea 2.0™ trees and associated controls, umbilical termination assemblies, jumpers and services. Subsea 2.0™ products use standardized components that are pre-engineered and qualified, which allows equipment to be rapidly configured according to each project’s specific requirements. This optimizes the engineering, supply chain, and manufacturing processes, thus reducing the time to first oil and/or gas.
*A “significant” contract ranges between $75mn and $250mn.

Subsequent to the period, the following awards were announced:

— Equinor iFEED™ Contract BM-C-33 Project (Brazil)
Integrated Front End Engineering and Design (iFEED™) study on Equinor’s BM-C-33 project offshore Brazil. The study will finalize the technical solution for the proposed gas and condensate greenfield development in the pre-salt Campos Basin before Equinor makes its final investment decision (FID). The iFEED™ study includes an option to proceed with a direct award to TechnipFMC for the integrated Engineering, Procurement, Construction and Installation (iEPCI™) phase of the project. The major* iEPCI™ contract would cover the entire subsea system, including Subsea 2.0™ tree systems, manifolds, jumpers, rigid risers and flowlines, umbilicals, pipeline end terminations, and subsea distribution and topside control equipment. TechnipFMC would also be responsible for life-of-field services.
*A “major” contract is more than $1bn. Order inbound for the iEPCI™ phase of the project remains subject to FID and contract approval.

Energy Transition Highlights

  • Orbital Marine Power received two tidal energy contracts
    Orbital Marine Power was awarded two contracts for difference in the UK Allocation Round 4 process. This significant milestone underpins the delivery of multi-turbine projects in Eday, Orkney. Capable of delivering 7.2MW of predictable clean energy to the grid once completed, these Orbital tidal stream energy projects will support the UK’s security of supply, energy transition and broader climate change objectives. Orbital is collaborating with TechnipFMC to accelerate the global commercialization of its tidal stream turbine.

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