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TechnipFMC plc (FTI) - free report >>
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Subsea7 Secures FEED Study Contract for Equinor's Fram Sor Development
Subsea7 S.A. (SUBCY - Free Report) has been awarded a contract by Equinor (EQNR - Free Report) to conduct a front-end engineering and design (FEED) study for the Fram Sør development project. The contract also includes an engineering, procurement, construction and installation (EPCI) option for the development project. The Fram Sør development is located offshore Norway.
The FEED study will help Equinor finalize the technical specifications of the proposed subsea infrastructure required for the project. The details of the study will be provided to EQNR and its partners prior to making a final investment decision (FID) on the project.
Subsea7 will begin working on the contract immediately from its offices in Norway and the UK. Further, if the EPCI option of the contract is exercised, the installation of any subsea equipment related to the project will be directly awarded to the company. This includes the installation of subsea structures, umbilicals, risers and flowlines components. The offshore activities for the project are expected to take place in 2026, 2027 and 2028.
The Fram Sør development is situated approximately 10-30 kilometers toward the north of the Troll C platform, operated by Equinor. The development will be tied back to the existing infrastructure at the Fram and Troll C platforms.
Subsea7 highlights that the award for the FEED contract continues its long-standing relationship with Equinor. Early involvement in the field development process allows Subsea7 to recommend optimized design solutions, supporting Equinor’s decision-making process for the FID.
Zacks Rank and Key Picks
Both SUBCY and EQNR currently hold a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energysector are TechnipFMC plc (FTI - Free Report) and Oceaneering International (OII - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a high of $14.7 million in the third quarter of 2024, indicating an 11.1% increase from the previous year’s level. This growing backlog ensures strong revenue growth for FTI.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading offshore equipment and technology solutions provider to the energy industry. Its proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.