TechnipFMC wins integrated subsea contract for Petronas project

TechnipFMC ($FTI) won an integrated engineering, procurement, construction and installation contract for Petronas’ Limbayong development in Malaysia. The scope covers the project’s subsea production system, using the company’s Subsea 2.0 architecture and integrated delivery model. TechnipFMC classified the award as significant, which it defines as a value between $75 million and $250 million.

The exact contract price was not disclosed, so the upper end of that range should not be reported as confirmed consideration. The company expects to include the award in third-quarter inbound orders. That is an order-book measure, not revenue already recognized. Management sees the standardized equipment and integrated approach as supporting project execution, but the release does not quantify an incremental profit contribution.

Sources:

• TechnipFMC — Limbayong contract announcement