Yahoo Finance TechnipFMC (FTI) Secures New Contract to Support Pluto LNG
TechnipFMC plc FTI, a leading oilfield services company, has been awarded an integrated engineering, procurement, construction and installation (iEPCI) contract by Woodside Energy for the Pluto LNG project in Australia. Per this contract, FTI will be responsible for designing, manufacturing and installing of the subsea production system, flexible pipe, and umbilicals for the Xena Infill well to support production at the Pluto LNG project. The contract was awarded following an integrated front end engineering design (iFEED) study.
FTI will deploy Subsea 2.0 production system for the project. Additionally, the Xena Phase 3 development will be connected to the existing subsea infrastructure, previously delivered by the company. While management has not disclosed any details about the contract value, it has mentioned that the contract is a ‘significant’ one. It describes a significant contract as one valued between $75 million and $250 million.
Management has expressed its enthusiasm regarding the delivery of a fully-integrated project, where it has worked from conceptualization to execution. It has also emphasized the positive impact of integrated approaches such as iFEED, iEPCI and Subsea 2.0 on project economics.
The latest contract came within the current framework agreement between Woodside Energy and TechnipFMC.
Zacks Rank and Key Picks
Currently, FTI carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Archrock Inc. AROC, SM Energy SM and Eni SpA E. Archrock and SM Energy presently sport a Zacks Rank #1 (Strong Buy) each, while Eni carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Eni is a leading global integrated energy company with a prominent focus on liquefied natural gas businesses. As natural gas has a lesser carbon footprint compared with other fossil fuel, it will play an important role in the global energy transition process. Eni’s participation in the natural gas market will allow it capitalize on the mounting global demand in the future.
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