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TechnipFMC (FTI) Wins Large Contract for Rosebank Project

TechnipFMC FTI, a leading global provider of subsea technology and services, secured a major integrated Engineering, Procurement, Construction and Installation (iEPCI) contract from Equinor EQNR for its Rosebank project. This project is located in West Shetland region, approximately 130 miles northwest of the Shetland Islands in the United Kingdom.

Contract Details

The contract is valued between $500 million and $1 billion, and will contribute significantly to local value and job creation across the United Kingdom. It includes the manufacture and installation of subsea production systems, flexible and rigid pipes, umbilicals and connection to the host facility.

This will be a complex and challenging project, but TechnipFMC is well positioned to deliver, given its extensive experience in iEPCI projects and strong track record in the U.K. North Sea.

Benefits of the iEPCI Model

TechnipFMC’s iEPCI model offers several advantages for oil and gas companies. By integrating all aspects of the project into a single contract, the company is able to reduce complexity and improve efficiency. This can lead to significant cost and schedule savings.

In addition, the model allows oil and gas companies to benefit from TechnipFMC’s global expertise and resources. FTI has a deep understanding of the latest technologies and a proven track record of delivering complex projects in challenging environments.

Accelerating Delivery With Pre-Qualified Equipment

Efficiency and timeliness are paramount in the energy sector, and the Rosebank project is no exception. To expedite the delivery schedule, TechnipFMC will leverage pre-qualified equipment. Apart from ensuring that the project stays on track, the strategic move underscores TechnipFMC’s commitment to delivering results efficiently.

Local Value Creation

Umbilicals, rigid pipes and the majority of the subsea production systems will be designed, engineered, and manufactured in-country using TechnipFMC’s facilities and network of trusted local suppliers. The company will then install these components.

This local value creation is an important factor in Equinor’s selection of TechnipFMC for this award. FTI has committed approximately $500 million of the total award to local value creation.

Benefits for the U.K.

TechnipFMC’s contract with Equinor is expected to generate significant value and jobs in the U.K. The company has committed to spending approximately $500 million of the total award on local goods and services. This investment will support the country’s supply chain and create new job opportunities for workers in the oil and gas sector.

In addition, the Rosebank project is expected to produce approximately 300 million barrels of oil at peak production. This will boost the U.K.’s energy security and contribute to its economic growth.

Conclusion

TechnipFMC’s contract with Equinor is a major win for the U.K. The project is expected to generate significant value and jobs in the country. It will also help reduce the U.K.’s reliance on imported oil and gas, and make the country more resilient to energy price shocks.

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