TechnipFMC Awarded Large Contract by Var Energi
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 25 2026
0mins
TechnipFMC has been awarded a large integrated engineering, procurement, construction, and installation contract by Var Energi for the Ofelia and Gjoa Nord projects in the Gjoa area of the North Sea. This direct award follows a five-year collaboration agreement signed in 2025 to deliver subsea projects utilizing TechnipFMC's integrated model and accelerate development through coordinated portfolio execution. Jonathan Landes, President, Subsea at TechnipFMC, commented: "Var Energi is applying a portfolio approach in the Gjoa area to reduce project cycle time and improve project returns. This approach requires deep collaboration and is enabled by TechnipFMC's unique integrated execution model. We are pleased to support Var Energi's ambition to deliver first oil within two years." For TechnipFMC, a "large" contract is between $500M and $1B. The majority of inbound associated with this award will be included in the second quarter of 2026, with a portion included in prior quarters.
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Analyst Views on FTI
Wall Street analysts forecast FTI stock price to fall
11 Analyst Rating
10 Buy
1 Hold
0 Sell
Strong Buy
Current: 67.260
Low
40.00
Averages
48.50
High
53.00
Current: 67.260
Low
40.00
Averages
48.50
High
53.00
About FTI
TechnipFMC plc is a United Kingdom-based technology company, which operates in the energy industry. The Company is focused on delivering fully integrated projects, products, and services. The Company operates through two segments: Subsea and Surface Technologies. The Subsea segment manufactures and designs products and systems, performs engineering, procurement and project management and provides services used by oil and gas companies involved in offshore exploration and production of crude oil and natural gas. The Surface Technologies segment designs, manufactures and supplies technologically advanced wellhead systems and high-pressure valves and pumps used in stimulation activities for oilfield service companies and provides installation, flowback and other services for exploration and production companies. The Company operates across various countries, including the United States; Brazil; Norway; the United Kingdom; Guyana, Australia, Angola, Brazil and all other countries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Fast-Track Project Development: The contract involves the design and manufacture of flexible flowlines and risers to connect wells at approximately 1,200 meters depth to a new floating production unit, ensuring timely project execution and enhancing TechnipFMC's competitive edge in subsea engineering.
- Ongoing Collaborative Relationship: Jonathan Landes, President of Subsea at TechnipFMC, noted that this award signifies the continued expansion of their collaboration with Eni, showcasing the company's expertise in providing robust flexible pipe solutions and further solidifying their strategic partnership.
- Positive Future Outlook: This contract will be included in TechnipFMC's inbound orders for the second quarter of 2026, expected to positively impact the company's revenue and market position, reinforcing its role in the energy transition.
See More
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- Long-term Partnership: This contract follows a five-year collaboration agreement signed in 2025 for future subsea projects, demonstrating TechnipFMC's ongoing strategic investment and technological advancements in the marine engineering sector.
- Resource Development Plans: Vaar Energi and its partners plan to invest approximately NOK 14 billion ($1.42 billion) to develop three oil and gas discoveries in the Gjoea area, which is expected to drive regional economic growth and enhance energy supply.
- Production Expectations: The Ofelia and Gjoa Nord developments are anticipated to commence production in 2028, which will not only provide TechnipFMC with a stable revenue stream but also strengthen its competitive position in the global energy market.
See More
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- Large-Scale Project: The contract involves designing and manufacturing flexible flowlines and risers for the approximately $5 billion Greater PAJ project, connecting 17 wells at water depths nearing 2,000 meters, showcasing TechnipFMC's technical expertise in deepwater development.
- Broad Market Outlook: The Greater PAJ project is one of the most active offshore markets in Angola, with Azule Energy being a 50-50 joint venture between Eni and BP, indicating the commitment and investment potential from major international oil and gas players in the region.
- Enhanced Production Capacity: The new floating production, storage, and offloading vessel will have an oil production capacity of 95,000 barrels per day and a gas export capacity of 70 million cubic feet per day, expected to significantly boost Angola's energy output and market supply capabilities.
See More
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- Deepwater Technology Expertise: The contract involves designing and manufacturing flowlines in water depths approaching 2,000 meters, showcasing TechnipFMC's technical expertise in large deepwater projects, thereby reinforcing its leadership position in the deepwater market.
- Accelerated Delivery Commitment: TechnipFMC is committed to delivering a technically robust solution on an accelerated timeframe, aimed at creating value for clients, which not only enhances customer satisfaction but may also increase the company's attractiveness in a competitive market.
- Driving Industry Transformation: As a leading technology provider in the energy sector, TechnipFMC is focused on enhancing clients' project economics through proprietary technologies and comprehensive solutions, supporting energy transition and demonstrating its strategic vision for sustainability.
See More
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- Company Overview: TechnipFMC is a leading technology provider in both traditional and new energy sectors, delivering fully integrated projects, products, and services that help clients reduce carbon intensity and support their energy transition goals, showcasing its technological leadership in the industry.
- Business Structure and Innovation: Organized into Subsea and Surface Technologies segments, the company leverages proprietary technologies and digital innovation to advance the industry, with approximately 22,000 employees committed to client success, reflecting a strong culture of execution and purposeful innovation.
See More
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- Poor Market Performance: The Zacks Oil and Gas - Field Services industry ranks 204, placing it in the bottom 17% of over 250 industries, indicating bearish near-term prospects that may undermine investor confidence.
- Impact of Price Volatility: Despite high oil prices, oilfield service companies face challenges from a slowdown in drilling activities, resulting in decreased demand for services and exacerbating industry uncertainty.
- Failure to Meet Transition Goals: Not achieving energy transition objectives will negatively impact cash flows, forcing oilfield service companies to invest more in low-carbon technologies to address future market challenges.
See More
