TechnipFMC (FTI) Inks Subsea Contract With PetroVietnam Gas
Zacks Investment Research | Oct 17, 2019 12:05AM ET
TechnipFMC plc. (NYSE:FTI) announced the receipt of a subsea infrastructure contract from state-owned PetroVietnam Gas. The scope of the work includes engineering, procurement and construction (EPC) of Vietnam’s Nam Con Son 2 Phase 2 Pipeline.
Per TechnipFMC, this multi-million-dollar deal will bring in revenues, expected between $75 million and $250 million. In order to tie back the existing Nam Con Son 2 Phase 1 gas pipeline to the Long Hai Landfall Station, the project will be responsible for engineering and installing a 118-kilometer long rigid pipeline along with constructing subsea structures.
Arnaud Piéton, President, Subsea at TechnipFMC remarked: “We are extremely pleased to have been entrusted with the Nam Con Son 2 Phase 2 pipeline contract. This pipeline collects and transports gas from several reserves to help meet the demand in Southeast Vietnam, and we look forward to collaborating with PetroVietnam Gas on this project.”
The PetroVietnam Gas award further cements the company’s position in the high-growth Asia Pacific market and recognizes TechnipFMC’s strong marine capabilities and extensive offshore construction experience.
The oilfield service provider, presence of which in Vietnam dates back to 1996, is currently engaged in a number of important energy infrastructure developments within the country.
Earlier this month, TechnipFMC along with partners JGC Corporation and Fluor Corporation (NYSE:FLR) were awarded an Engineering, Procurement and Construction contract by Mozambique Rovuma Venture S.p.A. This contract win will enable the company to handle production and construction facilities of Rovuma’s onshore liquefied natural gas complex located in Cabo Delgado.
These new contracts add to the London-based TechnipFMC’s solid backlog, which now stands above $25.8 billion. This not only reflects steady demand from its customers but also offers an unmatched level of earnings and cash flow visibility. In the last reported quarter, the company booked record inbound orders of $11.2 billion, skyrocketing 164.2% year over year. With a massive flow of inbound orders and robust backlog, TechnipFMC has a competitive edge.
TechnipFMC, a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, is scheduled to announce third-quarter earnings on Oct 23. The Zacks Consensus Estimate of 49 cents for the company’s quarterly earnings is indicative of a 58% increase from the prior-year reported figure.
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