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TechnipFMC Receives EPCI Contract in Brazil From Statoil

Zacks Equity Research
Updated

Oilfield service provider TechnipFMC plc FTI recently received an Engineering, Procurement, Construction and Installation (“EPCI”) contract from Norway-based integrated oil and gas company Statoil ASA STO for the Peregrino Phase II Project.

The contract is related to the establishment of the subsea pipeline connection for the new production platform in the project. In-field lines will be used to connect the new fixed platform with the existing platform. Apart from the EPCI obligation, TechnipFMC will assume the manufacturing and pre-commissioning works of the rigid and flexible lines and provide required subsea equipment.

The project is located in Campos Basin, offshore Brazil. TechnipFMC has existing operations in Brazil and plans to use its local expertise as well as the global state of the art pipelay fleet for the project. The company previously worked on the surface trees package in this project. The offshore campaign is expected to start in 2019.

We would like to remind investors that in mid-June, Statoil provided a contract extension to TechnipFMC that builds on an existing engineering, procurement and construction deal for improved oil recovery operations at the Visund Nord field in the Norwegian North Sea.

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Also, at the beginning of June 2017, TechnipFMC won an EPCI commissioning and start-up contract for Coral FLNG project offshore Mozambique. In August 2017, the company received an EPCI contract for an Eastern Canadian project named West White Rose from Canadian integrated energy company, Husky Energy.

TechnipFMC’s ability to score contracts in the current oil price environment and keep its existing relationships with contract providers intact shows its strength.

 About the Company

London-based TechnipFMC is a leading manufacturer and supplier of technology solutions for the energy industry. The company was formed following the January 2017 merger between Technip and FMC Technologies. It is engaged in designing, producing and servicing technologically sophisticated systems and products for subsea, onshore and offshore projects.

TechnipFMC operates manufacturing facilities in a number of countries. A significant amount of its sales are generated internationally. The company’s operating areas include economically- and politically-volatile regions such as North Africa, West Africa, the Middle East, Latin America and Asia Pacific.

Price Performance

TechnipFMC has lost 22.2% of its value year to date compared with 25.6% decline of its industry.

Zacks Rank and Stocks to Consider

The company currently has a Zacks Rank #4 (Sell).

Some better-ranked stocks in the oil and energy sector are Lonestar Resources US Inc. LONE and Alliance Holdings GP, L.P. AHGP. Both sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Lonestar Resources’ sales for 2017 are expected to surge 60.2% year over year. The company delivered a positive earnings surprise of 62.5% in the second quarter of 2017.

Alliance Holdings’ earnings for the third quarter of 2017 are expected to surge 12.4% year over year. The company delivered a positive average earnings surprise of 13.6% in the last four quarters.

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Alliance Holdings GP, L.P. (AHGP) : Free Stock Analysis Report
 
FMC Technologies, Inc. (FTI) : Free Stock Analysis Report
 
Statoil ASA (STO) : Free Stock Analysis Report
 
Lonestar Resources US Inc. (LONE) : Free Stock Analysis Report
 
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