TechnipFMC scores new contract for Equinor's Halten East project

May 26, 2022 3:34 PM ETTechnipFMC plc (FTI)EQNRBy: Carl Surran, SA News Editor3 Comments

Oil rig platform

Brasil2/iStock via Getty Images

TechnipFMC (NYSE:FTI) +4.4% in Thursday's trading, challenging YTD highs, after Equinor (EQNR) awarded it a "significant" contract for engineering, procurement, construction and installation for the Halten East project off the coast of Norway.

TechnipFMC (FTI) ranks a "significant" contract as valued in the $75M-$250M range.

The contract covers the manufacture and installation of flowlines and the installation of umbilicals and subsea structures.

Equinor (EQNR) and its partners submitted a ~$940M plan this week to develop Halten East, which consists of six gas and condensate discoveries and an option on another three prospects, with estimated recoverable reserves of 100M boe.

TechnipFMC (FTI) recently announced a backlog of more than $7B until 2024, Arie Investment Management noted in a bullish analysis published on Seeking Alpha.

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