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TECHNIPFMC PLC

(FTI)
  Report
Delayed Nyse  -  04:00 2022-11-28 pm EST
12.08 USD   -0.17%
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TechnipFMC Awarded a Significant Subsea Contract for Shell's North Sea Development

09/22/2022 | 04:18pm EST

TechnipFMC (NYSE: FTI) has been awarded a significant(1) engineering, procurement, construction and installation (EPCI) contract by Shell plc (FTSE: SHEL) (AMS: SHELL) (NYSE: SHEL) for the Jackdaw development, located in the United Kingdom North Sea.

The contract covers pipelay for a 30 kilometer tieback from the new Jackdaw platform to Shell’s Shearwater platform, as well as an associated riser, spoolpieces, subsea structures, and umbilicals.

The tieback will use pipe-in-pipe technology, which is designed for high pressure, high temperature use.

Jonathan Landes, President, Subsea at TechnipFMC, commented, “We’re excited to embark on this significant project together in the UK North Sea. Our strong technical record and our ability to design, engineer, construct and install were key to our success in winning this award.”

(1) For TechnipFMC, a “significant” contract is between $75 million and $250 million.

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 “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.


ę Business Wire 2022
All news about TECHNIPFMC PLC
11/18Piper Sandler Ups Price Target on TechnipFMC to $17 From $13, Affirms Overweight Rating
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Financials (USD)
Sales 2022 6 654 M - -
Net income 2022 3,62 M - -
Net Debt 2022 263 M - -
P/E ratio 2022 782x
Yield 2022 -
Capitalization 5 393 M 5 393 M -
EV / Sales 2022 0,85x
EV / Sales 2023 0,76x
Nbr of Employees 19 103
Free-Float 98,7%
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Number of Analysts 23
Last Close Price 12,08 $
Average target price 13,28 $
Spread / Average Target 9,93%
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Managers and Directors
Douglas J. Pferdehirt Chairman & Chief Executive Officer
Alf T. Melin Chief Financial Officer & Executive Vice President
Justin Rounce Chief Technology Officer & Executive VP
Eleazar de Carvalho Filho Independent Director
Claire Scobee Farley Lead Independent Director
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