Information
NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) has been awarded a large(1) integrated ...
Original sourceAI Summary
TechnipFMC has secured a sizable integrated contract from bp for the Tiber development, reinforcing its position in subsea operations following its earlier work on the Kaskida project. This contract signifies a strong growth trajectory for TechnipFMC and enhances its engineering and installation capabilities in the Gulf of America.
Sentiment Rationale
Historically, major contract awards have led to positive share price movement; an example is TechnipFMC’s previous rise in response to similar contracts, showing investor confidence and growth potential.
Trading Thesis
Buy FTI, given the positive contract win and growth potential in subsea projects through 2024.
Market-Moving
- The large iEPCI contract is expected to significantly boost future revenues.
- Successful execution could lead to further contract opportunities with bp.
- Increased market confidence in TechnipFMC’s capabilities may drive share price higher.
Key Facts
- TechnipFMC awarded large iEPCI contract by bp for Tiber development.
- The contract builds on prior work from Kaskida project.
- The project is in the Gulf of America with significant engineering demand.
- TechnipFMC's subsea division sees continued growth and opportunity.
Companies Mentioned
- bp (BP): bp's partnership with TechnipFMC enhances its subsea operational efficiency.
Corporate Developments
This article falls under 'Corporate Developments' due to TechnipFMC's significant contract award, indicating strategic growth in subsea engineering and technology.