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TechnipFMC (FTI) Lands Large iEPCI Contract in the Mediterranean
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TechnipFMC plc (FTI - Free Report) announced that it has been awarded a large integrated engineering, procurement, construction and installation (iEPCI) contract by Energean plc. The contract, valued between $500 million and $1 billion, has been included in the company’s subsea inbound orders for the second quarter, as per a statement from TechnipFMC.
The contract involves work for the Katlan development in the Mediterranean Sea. Prior to the contract award, FTI conducted an integrated Front End Engineering and Design (iFEED) study for the development that enhanced the commercial and technological solutions for the field.
Energean plc will utilize TechnipFMC’s configure-to-order Subsea 2.0 production systems for the first time in the Katlan development project. Previously, TechnipFMC had provided the complete integrated subsea solutions for Energean’s Karish and Karish North developments, offshore Israel. The company used its iEPCI execution model for both fields.
The Katlan development contract includes the design, manufacture, and installation of the production systems, pipes, umbilicals and subsea structures. The subsea infrastructure will be tied to the Energean Power floating production, storage, and offloading vessel (FPSO). The Energean power FPSO is currently working with the Karish and Karish North developments. The first production from the field will be supplied to contracted Israeli clients.
The Katlan group of formations is situated offshore Israel. Katlan’s development plan had been sanctioned by Israel’s government in 2023. The field was scheduled to be developed after Karish and Karish North, per a statement from Energean.
Following an exploration campaign in 2022, it was estimated that the field holds 1.1 trillion cubic feet of gas in proven and probable (2P) reserves. Furthermore, the total 2P reserves at Katlan, including liquids, were estimated to be 205.9 million barrels of oil equivalent.
TechnipFMC has stated that integrating iFEED for field layout optimization, with its advanced Subsea 2.0 platform and integrated project execution model, should accelerate the process and reduce the time needed to achieve the first production from the Katlan field. The strong collaboration between the two companies should allow FTI to deliver enhanced project economics.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores as well as distributors. Its current distribution yield is greater than the composite stocks in the industry, providing unitholders with consistent returns.
Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. Boasting a pipeline network extending more than 125,000 miles, its network spans over 44 states. With a presence in all the major U.S. production basins, the company’s outlook seems positive.
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TechnipFMC (FTI) Lands Large iEPCI Contract in the Mediterranean
TechnipFMC plc (FTI - Free Report) announced that it has been awarded a large integrated engineering, procurement, construction and installation (iEPCI) contract by Energean plc. The contract, valued between $500 million and $1 billion, has been included in the company’s subsea inbound orders for the second quarter, as per a statement from TechnipFMC.
The contract involves work for the Katlan development in the Mediterranean Sea. Prior to the contract award, FTI conducted an integrated Front End Engineering and Design (iFEED) study for the development that enhanced the commercial and technological solutions for the field.
Energean plc will utilize TechnipFMC’s configure-to-order Subsea 2.0 production systems for the first time in the Katlan development project. Previously, TechnipFMC had provided the complete integrated subsea solutions for Energean’s Karish and Karish North developments, offshore Israel. The company used its iEPCI execution model for both fields.
The Katlan development contract includes the design, manufacture, and installation of the production systems, pipes, umbilicals and subsea structures. The subsea infrastructure will be tied to the Energean Power floating production, storage, and offloading vessel (FPSO). The Energean power FPSO is currently working with the Karish and Karish North developments. The first production from the field will be supplied to contracted Israeli clients.
The Katlan group of formations is situated offshore Israel. Katlan’s development plan had been sanctioned by Israel’s government in 2023. The field was scheduled to be developed after Karish and Karish North, per a statement from Energean.
Following an exploration campaign in 2022, it was estimated that the field holds 1.1 trillion cubic feet of gas in proven and probable (2P) reserves. Furthermore, the total 2P reserves at Katlan, including liquids, were estimated to be 205.9 million barrels of oil equivalent.
TechnipFMC has stated that integrating iFEED for field layout optimization, with its advanced Subsea 2.0 platform and integrated project execution model, should accelerate the process and reduce the time needed to achieve the first production from the Katlan field. The strong collaboration between the two companies should allow FTI to deliver enhanced project economics.
Zacks Rank and Key Picks
Currently, FTI carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are SM Energy (SM - Free Report) , Sunoco LP (SUN - Free Report) and Energy Transfer LP (ET - Free Report) . SM Energy and Sunoco presently sport a Zacks Rank #1 (Strong Buy) each, while Energy Transfer carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores as well as distributors. Its current distribution yield is greater than the composite stocks in the industry, providing unitholders with consistent returns.
Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. Boasting a pipeline network extending more than 125,000 miles, its network spans over 44 states. With a presence in all the major U.S. production basins, the company’s outlook seems positive.