TechnipFMC Secures Large Subsea Contract For ExxonMobil Guyana's Whiptail Project; No Terms Dsiclosed
Portfolio Pulse from Benzinga Newsdesk
TechnipFMC has been awarded a large subsea contract by ExxonMobil for the Whiptail project in Guyana, valued between $500 million and $1 billion. The contract includes project management, engineering, and manufacturing of 48 subsea trees, 12 manifolds, and associated equipment. TechnipFMC plans to hire and train more local staff in support of this project. The award will be recorded in Q2 2024 inbound orders.
April 15, 2024 | 8:16 pm
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POSITIVE IMPACT
TechnipFMC secures a significant contract with ExxonMobil for the Whiptail project, indicating a strong revenue stream and potential workforce expansion in Guyana.
The contract's large value suggests a positive revenue impact for TechnipFMC, enhancing its financial outlook and stock price in the short term. The commitment to hiring and training local staff may also positively influence its corporate reputation and operational capabilities in the region.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
ExxonMobil awards a large contract to TechnipFMC for the Whiptail project in Guyana, demonstrating its investment in expanding production capabilities.
The contract award to TechnipFMC for the Whiptail project underlines ExxonMobil's strategic investment in expanding its subsea production capabilities, which could positively impact its production efficiency and long-term growth prospects.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70