Yahoo Finance Petrobras (PBR) Selects TechnipFMC for Subsea Work Off Brazil
Petrobras PBR or Petroleo Brasileiro S.A., the Brazilian integrated major, has hired TechnipFMC plc FTI, a multinational oilfield services company, to provide life-of-field services. The agreement succeeds an earlier one and aids Petrobras to supply its increased volume of operations and services from its base in Macaé, Brazil.
According to the provisions of the master services agreement (“MSA”), Petrobras is set to engage TechnipFMC for supply tool and equipment installation, intervention, and maintenance services as well as technical support for subsea umbilicals, risers, and flowlines.
The contract has a three-year base, with an additional two years’ extension provision for PBR. Services will be offered from Macaé, Brazil, headquarters of TechnipFMC.
This type of contract is common in the oil and gas industry and helps to ensure that a company's operations run smoothly and efficiently over an extended period.
TechnipFMC has classified this contract as a substantial one, typically defined by the company as being between $250 million and $500 million. This contract has been announced to be included in the company's fourth-quarter 2022 financial results.
Zacks Rank and Key Picks
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A., or Petrobras S.A., is the largest integrated energy firm in Brazil and one of the largest in Latin America.
Currently, Petroleo Brasileiro (PBR) carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at stocks like Halliburton HAL and ProPetro Holding PUMP, both sporting a Zacks Rank #1 (Strong Buy) and Helix Energy Solutions Group HLX holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Halliburton: HAL currently has a Forward P/E ratio of 13.13. For comparison, its industry has an average Forward P/E of 36.20, which means ACDC is trading at a discount to the group.
HAL is worth approximately $36.79 billion. Its shares have gained 31.8% in the past year.
ProFrac Holding Corp.: PUMP currently has a Forward P/E ratio of 4.26. For comparison, its industry has an average Forward P/E of 36.20, which means PUMP is trading at a discount to the group.
ProFrac Holding Corp. is worth approximately $1.09 billion. Its shares have decreased 9.6% in the past year.
Helix Energy Solutions Group: HLX, the international offshore energy provider, specializes in its expanding well intervention and robotics activities while offering specialized services to the offshore energy sector. HLX is valued at around $1.18 billion.
HLX has a trailing-12-month P/E of 212.00X compared with the Oil and Gas - Field Services industry's P/E of 38.81X.
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Halliburton Company (HAL) : Free Stock Analysis Report
Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report
TechnipFMC plc (FTI) : Free Stock Analysis Report
Helix Energy Solutions Group, Inc. (HLX) : Free Stock Analysis Report
ProPetro Holding Corp. (PUMP) : Free Stock Analysis Report
