Equinor Awards TechnipFMC Multiple Subsea Contracts for Norwegian Projects
FTI has more than doubled off its 52-week low of $31.88.
Summary
TechnipFMC has been awarded multiple subsea contracts by Equinor for projects located in Norway, with the total value of these contracts estimated between $250 million and $500 million. These awards were included in TechnipFMC's inbound orders for the second quarter. The scope of work involves designing and manufacturing subsea production systems and associated controls for the Omega Sør, Brime, and Tyrihans Nord Brownfield Projects, and installing rigid pipe on the TWIN Development. This announcement follows a series of recent contract wins for TechnipFMC, including projects offshore Angola, Brazil, and Côte D'Ivoire in late June and early July. The new contracts contribute to the company's order backlog and provide further revenue visibility, reinforcing its position as a leading subsea technology and services provider.
At the time of this announcement, FTI was trading at $68.11 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $27.2B. The 52-week trading range was $31.88 to $77.78. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.