FTI - TechnipFMC wins 'significant' subsea award from Equinor

2023-05-19 06:44:06 ET

TechnipFMC ( NYSE: FTI ) said late Thursday it was awarded a "significant" contract by Equinor ( EQNR ) to provide riserless light well intervention services on the Norwegian Continental Shelf.

TechnipFMC ( FTI ) values a "significant" in the $75M-$250M range; the award will be included with Q2 inbound orders.

The company will provide production enhancement, production data and pre-plug-and-abandonment services using the RLWI method, which enables well interventions from a monohull vessel, eliminating the need for a riser and the rig required to connect the riser to the subsea well.

The two-year contract runs during 2024-25, with options to extend for each of the following three years.

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