TechnipFMC
FTI
recently declared that it has been awarded a “significant” contract by the French energy supermajor —
TotalEnergies
TTE
— for the supply of subsea production systems for the CLOV 3 development in Block 17, offshore Angola.
The French-American, U.K.-domiciled oilfield services company defines a “significant” contract to be the one that involves a consideration in the $75 million-$250 million range.
This is the first contract under the companies’ new framework agreement, which covers subsea trees for brownfield developments in the block and includes TechnipFMC’s Subsea 2.0 trees and associated controls, umbilical termination assemblies, jumpers and services.
FTI’s Subsea 2.0 employs pre-engineered and qualified standardized components that allow equipment to be swiftly configured per each project’s needs. This approach enhances the engineering, supply chain and manufacturing processes, thus shortening the time taken for the first oil and/or gas.
The CLOV project is the fourth area of deep offshore development for TotalEnergies in Block 17, Angola. The development includes four oil fields at a water depth of 1,100 to 1,400 m and is linked to a single floating production storage and offloading unit. The field came on stream in 2014.
TechnipFMC plc is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company reached its current form following the January 2017 merger between Technip and FMC Technologies.
TotalEnergies SE is among the top five publicly traded global integrated oil and gas companies based on production volumes, proved reserves and market capitalization. TTE has operations in more than 130 countries across five continents. The company was founded in 1924.
TechnipFMC currently has a Zacks Rank #3 (Hold). Investors might want to look at some better-ranked stocks from the energy sector, including
Crescent Point Energy
CPG
and
Vaalco Energy
EGY
, each sporting a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here.
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The Zacks Consensus Estimate for Crescent’s 2022 earnings is projected at $3.18 per share, up by 341.7% from the projected year-ago earnings of 72 cents. CPG stock has increased 75.6% in a year.
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Vaalco’s stock has gone up 139.5% in a year. The Zacks Consensus Estimate for EGY’s 2022 earnings has been revised about 45.8% upward over the past 60 days from $2.03 to $2.96 per share.
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