TechnipFMC-Led Consortium Secures 2 EPCC Contracts In India
Zacks Investment Research | May 21, 2018 10:13PM ET
TechnipFMC plc (NYSE:FTI) recently announced that the company has won major Engineering, Procurement, Construction and Commissioning (EPCC) contracts in Eastern India for two natural gas-based fertilizer plants. The company received two contracts from Hindustan Urvarak and Rasayan Limited, which is a joint venture of three public sector companies — IOCL, NTPC and CIL.
TechnipFMC, in consortium with L&T Hydrocarbon Engineering (“LTHE”), has received the contracts. LTHE is a unit of the Indian multi-national company, Larsen & Toubro Ltd. TechnipFMC will lead the projects, which will be executed simultaneously and carried out on an EPCC Lump Sum Turn Key basis.
The fertilizer plants are located in Barauni, Bihar and Sindri, Jharkhand. Each of the plants has a production capacity of 2200 tonnes of ammonia and 3850 tonnes of urea per day. The consortium will be responsible for licensing, providing basic and detailed engineering, construction and commissioning of both the complexes within a period of 36 months.
The contracts further mark TechnipFMC’s ability to execute complex and difficult projects in fertilizers, refinery and petrochemical sectors. The company’s France and India operating centers will execute the projects.
Price Performance
London, UK-based oilfield service provider, TechnipFMC has gained 6% in the past year against 4.4% decline of its Zacks Investment Research
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