TechnipFMC (FTI) Wins Snorre-Expansion Contract From Statoil
Zacks Investment Research | Dec 27, 2017 08:05PM ET
TechnipFMC plc (NYSE:FTI) recently won a Engineering, Procurement & Construction contract for Snorre Field Expansion Project. The contract was awarded by the integrated major Statoil (OL:STL) ASA (NYSE:STO) which owns a 33.3% stake in the Snorre field. Other partners in the field include Petoro AS, ExxonMobil Corporation (NYSE:XOM) , Idemitsu Petroleum Norge AS, DEA Norge AS and Point Resources AS, holding a 30%, a 17.4%, a 9.6%, an 8.6% and a 1.1% stake, respectively.
Discovered in 1979, the Snorre field started production in 1992. The field is located at the Tampen area in the northern part of the North Sea, 300-380 meters below sea level. So far, the Snorre field has produced 1.4-billion barrels of oil.
The Snorre field plays an important part in Statoil's attempt to enhance long-term value and operations at Norwegian continental shelf (NCS). Snorre expansion is the largest improved oil recovery project (IOR) on the NCS and provides valuable production and activity, which are beneficial for Statoil and other co-partners in the project.
The Snorre Expansion contract covers the delivery of subsea production systems and includes 6 subsea templates and subsea production equipment. TechnipFMC hasdelivered subsea equipment to Snorre since the field started production.
Early this month, TechnipFMC was Original post
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