North East offshore specialist TechnipFMC has won contracts worth more than $150m which will bring work to its regional yard.
TechnipFMC, which has its head office and main UK yard in Walker, Newcastle, as well as operations the US, France, Brazil and Malaysia, designs and manufactures umbilical cable and flexible pipes.
The firm, which employs more than 300 people on Tyneside, counts major global oil and gas companies among its clients, and has seen significant growth in contract wins over the last few years.
Now the New York Stock Exchange listed business has announced two ‘significant’ contract wins with energy giant Equinor, which will see it carry out work on the Norwegian Continental Shelf. The first sees Technnip win work on Equinor’s Verdande project – awarded under TechnipFMC’s framework agreement with Equinor – and covers the complete subsea production system including subsea trees and structures, control systems, connections, tooling, and installation support.
Read more: Turnover tops £100m at Newcastle Station Hotel owner Cairn Group
TechnipFMC said significant contracts are worth between $75m and $250m. In a separate announcement the firm announced it had has been awarded a significant contract to work on Equinor’s Irpa oil and gas development on the Norwegian Continental Shelf. The contract covers the supply and installation of subsea trees, control systems, structures, and connections, as well as tooling.
Jonathan Landes, president for subsea at TechnipFMC, said: “This project will utilize our standardized production system, which was designed to meet the specific demands of the Norwegian Continental Shelf. The award demonstrates Equinor’s confidence in our technology, quality, and ability to deliver. We’re delighted to continue supporting them.
“This latest contract highlights the close relationship we have with Equinor under the framework agreement. We are delighted that Equinor is once again placing trust in our technology.”
The deals come less than a month after the company announced it had been awarded a large contract - which is worth between $500m and £1bn – by Aker BP for its Utsira High development in in the southwest of the Norwegian continental shelf.. The contract brings together three projects linked to the Ivar Aasen and Edvard Grieg production platforms. TechnipFMC will engineer, procure, construct, and install the subsea production systems, controls, pipelines, and umblicals for the development.
The company’s most recent accounts, covering 2021, showed that revenues dropped from £222.9m to £92.7m, but Ebitda grew significantly from £35m to £54.9m.
READ NEXT
- Six property projects shortlisted in RIBA North East awards
- Investigation launched into PwC audit of failed shopping centre group Intu
- Deals secure majority of Tile Giant jobs after new owners call in administrators
- Luxury homeware firm Rowen Homes to open Metrocentre store
- Defence tech specialist Leonardo's ambition to grow new North East base
