TechnipFMC (NYSE:FTI) was recently awarded a new contract by Neptune Energy to provide technical services for its Norwegian operations. The technical service agreement, which builds on an already existing contract between the two firms, has now been optimized to cater to Neptune's future needs.
Per the contract, the French-American, U.K.-domiciled oilfield services giant will continue to provide an extensive range of engineering, studies and technical services for Neptune Energy. The scope of the contract also includes erection work and operational support for Neptune's development projects and producing fields.
The new contract, which has a potential length of more than five years, took effect on Jul 1, 2022.
The TechnipFMC Subsea president, Jonathan Landes, mentioned that his company was delighted to have this opportunity to build on the success of FTI's integrated approach and further strengthen the firm's long-term collaboration with Neptune Energy.
Erik Oppedal, Neptune Energy's Director of Projects & Engineering in Norway, stated that the extended contract would build on the partnership between the two companies and TechnipFMC's contribution to the successful development of the Neptune-operated Fenja, Duva and Gjøa P1 fields.
Neptune operates the Gjøa platform situated in the North Sea, which currently acts as a hub for three subsea fields – Gjøa, Vega and Duva. The company is also the operator of the Fenja development project in the Norwegian Sea.
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.
TechnipFMC currently has a Zacks Rank #3 (Hold). Investors might want to look at some better-ranked stocks from the energy sector, including Range Resources (NYSE:RRC), HighPeak Energy (NASDAQ:HPK) and Matador Resources (NYSE:MTDR), while Range and HighPeak enjoy a Zacks Rank #1 (Strong Buy), Matador sports a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for Range's 2022 earnings stands at $4.99 per share, up about 147% from the year-ago earnings of $2.02.
Range Resources is valued at around $7.3 billion.
The Zacks Consensus Estimate for HighPeak's 2022 earnings has been revised about 10% upward over the past 60 days from $4.45 per share to $4.89.
The Zacks Consensus Estimate for HPK's 2022 earnings is pegged at $4.89 per share, up 640.9% from the year-ago earnings of 66 cents.
The Zacks Consensus Estimate for Matador's 2022 earnings stands at $10.73 per share, up about 152.5% from the projected year-ago earnings of $4.25.
MTDR beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 25.2%.
To read this article on Zacks.com click here.
Zacks Investment Research
Image sourced from Shutterstock
