LNG

TechnipFMC, the US oil and gas and LNG project services company, reported a 24 percent increase in second-quarter revenues as profits rose along with orders and the backlog.

April 16 (LNGJ) - TechnipFMC, the US oil and gas services company, has been awarded a large contract by ExxonMobil Corp. to supply subsea production systems for the Whiptail project in the Stabroek Block of the South American nation of Guyana. TechnipFMC said it would provide project management, engineering and manufacturing to deliver 48 subsea trees and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment.

   “ExxonMobil Guyana will utilize our Subsea 2.0 systems and manifolds, which help provide schedule certainty,” said Jonathan Landes, President of Subsea at TechnipFMC. “We have already delivered more than 100 subsea trees for ExxonMobil Guyana - the location of one of the world’s fastest developing basins - and we look forward to deepening our relationship with them through Whiptail,” Landes added. TechnipFMC stated that it currently employs around 140 Guyanese and expects to continue to hire and train additional local staff in support of this contract.

Two market leaders in liquefied natural gas, French major TotalEnergies and LNG project engineer Technip Energies, have signed a cooperation agreement to jointly develop low-carbon solutions for liquefaction plants and offshore facilities.

TechnipFMC, the energy projects and subsea company, said its Technip Energies division had third-quarter revenues of $1.60 billion and benefited from the continued ramp-up of Novatek’s Arctic LNG II joint venture in Russia and gave updates on other projects.

TechnipFMC, the company that has put on hold its de-merger into two separate entities for subsea and LNG projects because of Covid-19 and the oil slump, has launched with services firm Halliburton Company a new technology product for subsea wells.

TechnipFMC and Halliburton introduced their trade-marked Odassea system, which they described as the first distributed acoustic sensing solution for subsea wells.

“The technology platform enables operators to execute intervention-less seismic imaging and reservoir diagnostics to reduce total cost of ownership while improving reservoir knowledge,” they explained.

“The Odassea service integrates hardware and digital systems to strengthen digital capabilities in subsea reservoir monitoring and production optimization,” their statement added.

Halliburton provides the fiber optic sensing technology, completions and analysis for reservoir diagnostics while TechnipFMC provides the optical connectivity from the topside to the completions.

“Through the collaboration, operators can accelerate full field subsea fiber optic sensing, design and execution,” they stated.

TechnipFMC has two main offices in both Houston and Paris and said in March 2020 it was delaying plans to separate into two companies because of volatile market conditions created by the coronavirus outbreak.

The company had first announced the proposal in August 2019 and planning was well advanced when the pandemic and oil price slump impacted markets in mid-March.

TechnipFMC then said on March 16, 2020 that the global pandemic, a sharp drop in oil prices and heightened volatility in global financial markets had “created a market environment that is not currently conducive to the company’s separation” plans.

On the latest joint venture, TechnipFMC and Halliburton said they were delivering solutions with the technology to multiple subsea projects at all stages from conceptual design to execution and installation.

“This project enables an enhanced level of reservoir understanding for our customers and expands our unique integrated subsea solution,” said Christina Johansen, Vice President of TechnipFMC Subsea Product Manufacturing.

”We are proving that we can leverage the competencies and know-how to drive the change our industry needs for a higher level of sustainability,” she stated.

With the de-merger on hold TechnipFMC has still overhauled its divisions with Onshore-Offshore having been renamed Technip Energies, in-line with the new scope of the business.

The company said in its most recent earnings that despite the challenges and a softening of near-term LNG markets, the long-term fundamentals for natural gas, and LNG in particular, remained strong.

The two other TechnpFMC divisions are Subsea and Surface Technologies.

TechnipFMC, the energy and liquefied natural gas engineering company, reported a plunge in first-quarter profits and revenues also fell as it finished off the Yamal LNG project in Russia and was at the start of other ventures such as floating LNG work offshore West Africa.

TechnipFMC, the Franco-US liquefied natural gas and energy engineering company, said the outlook for its LNG and subsea growth pillars remained favorable as it posted improved results, boosted by the continued ramp-up and expansion of the Yamal liquefaction plant in Russia.