TechnipFMC (NYSE:FTI) (PARIS:FTI) has been awarded three frame agreements by Petrobras (NYSE:PBR) that reaffirm the Company’s leadership position in Brazil’s flexible pipe market – the industry’s largest and most established market. Altogether, the frame agreements form a large(1) contract for TechnipFMC.
The contracts were awarded as part of Petrobras’s drive to increase oil recovery in its brownfield developments, mainly in post-salt fields offshore Brazil.
The frame agreements cover the manufacture of more than 500 kilometers of flexible pipe over the next four years, as well as services. This brings the Company’s total contracted volumes in the current year with Petrobras to around 600 kilometers.
Jonathan Landes, President, Subsea at TechnipFMC, commented: “Petrobras is a longstanding partner of ours. Through collaboration and leveraging our expertise to engineer, design, and manufacture solutions specifically for this environment, we successfully delivered a flexible solution that maximizes oil recovery in the Brazilian deepwater environment.”
(1) For TechnipFMC, a “large” contract is between $500 million and $1 billion. A portion of this award will be inbound in future periods.
Important Information for Investors and Securityholders
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.
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.
Category: UK regulatory
View source version on businesswire.com: https://www.businesswire.com/news/home/20211209005778/en/
Vice President, Investor Relations
Tel: +1 281 260 3665
Email: Matt Seinsheimer
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email: James Davis
Vice President, Corporate Communications
Tel: +44 1383 742297
Email: Nicola Cameron
Director, Public Relations
Tel: +1 713 876 7296
Email: Catie Tuley