NEWCASTLE & HOUSTON, January 3, 2024 — TechnipFMC (NYSE: FTI) has been awarded a major(1) integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Petrobras to deliver the Mero 3 HISEP® project, which uses subsea processing to capture carbon dioxide-rich dense gases and then inject them into the reservoir.
TechnipFMC, in partnership with Petrobras, has advanced the qualification of some of the core technologies needed to deliver the HISEP® (High Pressure Separation) process entirely subsea, several of which are proprietary and will be used in other subsea applications. These include gas separation systems and dense gas pumps which enable the injection of CO2-rich dense gas.
The Mero 3 project in Brazil’s pre-salt field will be the first to utilize Petrobras’s patented HISEP® process subsea. HISEP® technologies enable the capture of CO2-rich dense gases directly from the well stream, moving part of the separation process from the topside platform to the sea floor. In addition to reducing greenhouse gas emission intensity, HISEP® technologies increase production capacity by debottlenecking the topside gas processing plant. These technologies are supported by Petrobras and its partners in the Libra Consortium(2).
Luana Duffé, Executive Vice President, New Energy at TechnipFMC, commented: “This is an important moment for our Company. With the HISEP® project, we will again demonstrate how our leadership in subsea processing, technology innovation, and integrated solutions can deliver real and sustainable benefits to our partners. We are honored to be trusted by Petrobras and its partners in the Libra Consortium to deliver this transformational project.”
The contract covers the design, engineering, manufacture, and installation of subsea equipment, including manifolds, flexible and rigid pipes, umbilicals, power distribution, as well as life of field services. The contract follows a tender process and aligns with research and development guidance established by the Brazilian National Petroleum Agency (ANP).
(1) For TechnipFMC, a “major” contract is over $1 billion. This award will be included in first quarter Subsea inbound orders.
(2) The Libra Consortium consists of: Petrobras as operator (38.6%); Shell Brasil Petróleo Ltda. (19.3%); TotalEnergies EP Brasil Ltda. (19.3%); CNOOC Petroleum Brasil Ltda. (9.65%); CNODC Brasil Petróleo e Gas Ltda. (9.65%); and Pré-Sal Petróleo S.A. (3.5%), as the Brazilian government's representative in the non-contracted area.
Important Information for Investors and Securityholders
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, including statements regarding the transaction, the expected closing of the transaction and the timing thereof, or post-closing operations and strategies of the company, including the risk that a condition to closing of the transaction may not be satisfied, that either party may terminate the definitive agreement in accordance with the terms thereof or that the closing of the transaction might be delayed or not occur at all our inability to satisfy closing conditions and consummate the transaction, and other material factors that could cause actual results to differ from projected results, as discussed in our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our latest Annual Report 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.
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 21,000 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 X (formerly Twitter) @TechnipFMC.
Senior Vice President, Investor Relations and Corporate Development
Tel: +1 281 260 3665
Email: Matt Seinsheimer
Director, Investor Relations
Tel: +1 281 260 3665
Email: James Davis
Director, Public Relations
Tel: +1 713 876 7296
Email: Catie Tuley
Senior Manager, Public Relations
Tel: +44 7841 492988
Email: David Willis