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TechnipFMC Receives Notice to Proceed and Adds Additional Contract for the Yellowtail Development

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NEWCASTLE & HOUSTON, May 02, 2022--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) has been awarded an additional contract and received notice to proceed by ExxonMobil (NYSE: EOM) affiliate Esso Exploration and Production Guyana Limited for its Yellowtail development in the Stabroek Block offshore Guyana.

The newly announced significant(1) flexibles contract covers six risers which are qualified for high pressure and high temperature.

The Company has also been given full notice to proceed with the previously announced contract for the subsea production system (SPS), following ExxonMobil’s final investment decision in April. The initial award of the large(2) contract was announced in November 2021. TechnipFMC will provide project management, engineering, manufacturing and testing capabilities for the subsea production system, which includes 51 enhanced vertical deepwater trees (EVDT) and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment.

The majority of the total contract awards will be included in the Company’s second quarter inbound orders.

Jonathan Landes, President, Subsea at TechnipFMC, commented: "We are thrilled that our partnership with the Stabroek Block operator continues to grow. We have an established presence in Guyana to accommodate the level of activity there and we’re committed to further developing local capabilities."

TechnipFMC currently employs 70 Guyanese, and expects to continue to hire and train additional local staff in support of these awards.

(1) For TechnipFMC, a "significant" contract is between $75 million and $250 million.
(2) For TechnipFMC, a "large" contract is between $500 million and $1 billion.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words "expect," "believe," "estimated," and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220502005554/en/

Contacts

Investor relations

Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
Email: Matt Seinsheimer

James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email: James Davis

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Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
Email: Nicola Cameron

Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
Email: Catie Tuley

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