TechnipFMC plc Wins Major Contract for UK's First All-Electric Subsea Project

TechnipFMC Secures Landmark Contract for All-Electric Subsea Project

TechnipFMC plc has recently received full notice to proceed on a significant contract with the Northern Endurance Partnership (NEP), which comprises industry giants bp, Equinor, and TotalEnergies. This contract marks a notable advancement in the energy sector as it represents the first all-electric integrated project in the United Kingdom. The NEP project underscores TechnipFMC's commitment to innovation and sustainability, as it seeks to deliver an all-electric subsea system that includes essential components such as trees, manifolds, umbilicals, and infield flowlines. This initiative aligns with the growing global focus on reducing carbon emissions and advancing renewable energy technologies.

The implementation of TechnipFMC's integrated Engineering, Procurement, Construction, and Installation (iEPCI™) execution model will be pivotal for the success of the NEP project. By employing its proprietary all-electric technology, TechnipFMC aims to enhance operational efficiency and expand the operational range of subsea installations. This innovative approach not only supports the project's objectives but also positions TechnipFMC as a leader in the transition towards sustainable energy solutions. The contract is classified as a "large" award, valued between $500 million and $1 billion, and is expected to significantly contribute to TechnipFMC's inbound orders for the third quarter of 2024.

Luana Duffé, Executive Vice President of New Energy at TechnipFMC, emphasizes the importance of this project, not only for the company but also for the energy landscape in the UK. Duffé articulates that this milestone reflects TechnipFMC's dedication to leveraging its extensive subsea expertise in the advancement of carbon transportation and storage solutions. The NEP project exemplifies a critical shift in the energy sector, showcasing how integrated technology can facilitate a transition towards more sustainable practices and support the industry's efforts to combat climate change.

In addition to the project announcement, TechnipFMC has advised stakeholders that the information released contains forward-looking statements that are subject to various risks and uncertainties. The company encourages investors to refer to its filings with the U.S. Securities and Exchange Commission for comprehensive risk disclosures. As TechnipFMC embarks on this innovative project, it continues to reinforce its position as a key technology provider in the evolving energy sector, paving the way for future advancements in sustainable energy solutions.