TechnipFMC ( NYSE: FTI ) +2.3% post-market Thursday after saying it was awarded two "significant" contracts for subsea production systems by Equinor ( EQNR ) for developments on the Norwegian Continental Shelf; TechnipFMC considers a contract in the $75M-$225 as "significant."
The contract for the Verdande project covers the complete subsea production system including subsea trees and structures, control systems, connections, tooling and installation support.
The contract for the Irpa oil and gas development covers the supply and installation support of subsea trees, control systems, structures, and connections, as well as tooling.
TechnipFMC's ( FTI ) underwater solutions give it an edge over its peer companies in the subsea market, RCK Analytics writes in an analysis published on Seeking Alpha .
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TechnipFMC wins two 'significant' subsea contracts for Equinor projects