TechnipFMC Receives EPCI Contract In Brazil From Statoil
Zacks Investment Research | Oct 02, 2017 10:25PM ET
Oilfield service provider TechnipFMC plc (NYSE:FTI) recently received an Engineering, Procurement, Construction and Installation (“EPCI”) contract from Norway-based integrated oil and gas company Statoil (OL:STL) ASA (NYSE:STO) for the Peregrino Phase II Project.
The contract is related to the establishment of the subsea pipeline connection for the new production platform in the project. In-field lines will be used to connect the new fixed platform with the existing platform. Apart from the EPCI obligation, TechnipFMC will assume the manufacturing and pre-commissioning works of the rigid and flexible lines and provide required subsea equipment.
The project is located in Campos Basin, offshore Brazil. TechnipFMC has existing operations in Brazil and plans to use its local expertise as well as the global state of the art pipelay fleet for the project. The company previously worked on the surface trees package in this project. The offshore campaign is expected to start in 2019.
We would like to remind investors that in mid-June, Statoil provided Zacks Investment Research
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