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Ahead of results, TechnipFMC lands work offshore Guyana

Announcement comes ahead of the release of its first post-merger quarterly financial results.

By Daniel J. Graeber
Ahead of its first post-merger quarterly results, French services company TechnipFMC announces a new contract for work offshore Guyana. File photo by Maryam Rahmanian/UPI. | <a href="/News_Photos/lp/c80a102e77621a884d87ef93ff3e7ba4/" target="_blank">License Photo</a>
Ahead of its first post-merger quarterly results, French services company TechnipFMC announces a new contract for work offshore Guyana. File photo by Maryam Rahmanian/UPI. | License Photo

April 26 (UPI) -- Ahead of its first quarterly report, French energy services company TechnipFMC said it secured a contract to help tap deepwater prospects in South America.

A subsidiary of Exxon Mobil working offshore Guyana awarded the contract to TechnipFMC for the engineering, manufacturing and delivery of equipment slated for the Liza project in deep waters.

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According to TechnipFMC, the Liza development has an estimated recovery of more than 1 billion barrels of oil equivalent.

No value of the contract was disclosed. TechnipFMC releases its first-quarter results after the trading day ends Wednesday in New York. It's the first quarterly release for the company since the respective shareholders in December approved a merger between FMC, which specializes in subsea oil and gas operations, and Technip, a leader in submarine pipeline installation and broad-based oil and gas infrastructure development.

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The award from Exxon comes one month after a division of Royal Dutch Shell awarded the French services company with a contract to help develop some of the production systems for the first phase of the Kaikias deepwater project in the U.S. waters of the Gulf of Mexico. It's part of the broader Mars-Ursa basin in the Gulf of Mexico and holds an estimated 100 million barrels of recoverable oil and natural gas.

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Technip is already working in South America. A 2015 contract worth at least $110 million was to provide some of the pipeline infrastructure for the giant Libra oil field in the Santos Basin off the coast of Brazil.

First-quarter 2016 results showed a net 4.2 percent decline in revenue year-on-year for the French company.

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