Yemisi Izuora
TechnipFMC, a global provider of technology solutions for the energy industry, has been awarded a substantial contract by Shell Nigeria Exploration and Production Company Limited for the supply of Subsea production systems.
TechnipFMC defines a ‘substantial’ contract as one valued between $250 million and $500 million. This particular contract will be reflected in the company’s inbound orders for the fourth quarter of 2024.
The contract pertains to the Bonga North development project in Nigeria, encompassing the design and manufacture of subsea tree systems, manifolds, jumpers, controls, and related services.
The President of Subsea at TechnipFMC, Jonathan Landes, acknowledged Shell’s continued adoption of their Subsea 2.0 solution across various basins, highlighting the company’s commitment to the technology on a global scale. Landes also indicated that this contract strengthens TechnipFMC’s positioning for future deepwater projects in the region.
TechnipFMC is recognized as a leader in delivering integrated projects, products, and services to both traditional and new energy industries. With a workforce of approximately 21,000 employees and a market capitalization of $12.8 billion, the company is focused on transforming project economics for its clients, aiding in the development of energy resources with reduced carbon intensity, and supporting the transition to alternative energies.
InvestingPro analysis indicates the company maintains moderate debt levels and has achieved strong profitability with $8.8 billion in revenue over the last twelve months.
The company operates through two business segments: Subsea and Surface Technologies.
TechnipFMC is known for its integrated ecosystems such as iEPCI, iFEED and iComplete as well as its technological leadership and digital innovation capabilities.