ADNOC awards the TechnipFMC (FTI) prize for surface technologies over 10 years

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TechnipFMC plc FTI has been awarded a lucrative 10-year framework contract for the supply of wellheads, trees and related services from the UAE state-owned Abu Dhabi National Oil Company (ADNOC).

FTI will expand current manufacturing, assembly and testing capabilities in Abu Dhabi as part of the framework agreement to offer its full line of surface wellheads and shafts nationwide.

This is the largest surface technologies contract in FTI’s history. It is based on TechnipFMC’s decades-long relationship with ADNOC as well as its track record of innovation, execution and continuous improvement of products and technologies.

ADNOC’s confidence in TechnipFMC’s ability to substantially develop its capacities in the country, thus enabling it to meet its current and future requirements, is demonstrated by the duration of the agreement.

Also, recently, TechnipFMC announced the receipt of a major award from a subsidiary of Exxon Mobil Corporation XOM. According to TechnipFMC, a contract is considered material if its value is between $ 500 million and $ 1 billion.

Through this award, TechnipFMC will be involved in the supply of an underwater production system to develop the ExxonMobil Yellowtail. In the prolific Stabroek block, located off Guyana, Yellowtail is the 13th oil discovery of energy supermajor XOM. The discovery was announced by its authorities in April 2019. The award also strengthened FTI’s relationship with XOM. Overall, the exploit is likely to have secured additional cash flow for TechnipFMC.

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