On January 24, TechnipFMC PLC (FTI) announced a large EPCI contract by Petrobas for Búzios 6 field. Following the announcement, shares of the company continued their downtrend into the after hours.
During the regular trading session, FTI suffered a mild loss of 0.62% at its closing price of $6.44. The stock fell by a further 6.83% in the after-hours to trade at $6.00 per share.
The energy service company, TechnipFMC PLC was founded in 1884. Currently, its 450.7 million outstanding shares trade at a market capitalization of $2.92 billion.
The EPCI Contract
On Monday, the company announced being awarded a large subsea Engineering, Procurement, Constructions, and Installation (EPCI) contract by Petrobas. The contract has been awarded for FTI’s Búzios 6 field (module 7) which is a greenfield development in the pre-salt area.
Moreover, flexible and rigid pipes, umbilicals, pipeline end terminals, rigid jumpers, umbilical termination assemblies, and a mooring system are included in the contract.
Additionally, the company plans to manufacture flexible pipes, umbilicals, and subsea structures along with some of the rigid pipes in Brazil. Hence, minimizing transportation and installation-related carbon footprint. Also, the project will use the company’s established and qualified Brazilian supply chain.
FTI’s Recent Developments
On January 18, FTI and Magnora ASA announced that their partnership, Magnora Offshore Wind AS has been offered a new opportunity. The Crown Estate Scotland had offered Magnora Offshore to enter into an Options Agreement for the N3 area in ScotWind leasing round. Furthermore, the expected capacity of the planned development is 500 megawatts (MW) approx. Therefore, would be able to power over 600,000 homes in the United Kingdom.
Magnora Offshore Wind combines the FTI’s offshore projects experience & technologies with Magnora’s renewable & offshore project development expertise.
Q3 2021 Earnings
On October 20, 2021, the company announced its financial results for the third quarter of 2021.
In the third quarter of 2021, the company had total revenue of $1,579.4 million.
Additionally, FTI suffered from a loss of $40.6 million from continuing operations in Q3 of 2021. Resultantly, the loss from operations per diluted share was $0.09 in the quarter.
Upcoming Earnings
The company is set to declare its financial results for Q4 2021, after the close of the NYSE on February 23, 2022. In addition, FTI will host the earnings conference call on February 24, 2022.
