TechnipFMC wins 'substantial' subsea contract from Exxon for Guyana’s Hammerhead project

[Jackup Offshore Oil Rig]
shaunl/E+ via Getty Images

TechnipFMC (NYSE:FTI [https://seekingalpha.com/symbol/FTI]) +1.6% post-market Thursday after saying it was awarded [https://seekingalpha.com/pr/20245268-technipfmc-awarded-substantial-subsea-contract-for-exxonmobil-guyana-s-hammerhead-project] a "substantial" contract by Exxon Mobil (XOM [https://seekingalpha.com/symbol/XOM]) to supply subsea production systems for the Hammerhead development in Guyana's Stabroek Block; the company considers a "substantial" contract in the $250 million-to-$500 million range.

TechnipFMC (NYSE:FTI [https://seekingalpha.com/symbol/FTI]) said it will provide project management, engineering, and manufacturing of subsea production systems supporting both production and water injection capabilities, including products from its Subsea 2.0 platform, including subsea trees, manifolds, and associated controls.

Exxon (XOM [https://seekingalpha.com/symbol/XOM]) recently made a final investment decision [https://seekingalpha.com/news/4497239-exxon-approves-investment-for-hammerhead-project-offshore-guyana] on the $6.8 billion Hammerhead project, which will include 18 production and injection wells, and is expected to begin oil and gas production in 2029.

Hammerhead is TechnipFMC's (FTI [https://seekingalpha.com/symbol/FTI]) seventh greenfield project award from Exxon (XOM [https://seekingalpha.com/symbol/XOM]) since the first Stabroek development was sanctioned in 2017.

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