Press release | October 23 2018
TechnipFMC Awarded Subsea Contract for ExxonMobil Liza Phase 2 Project
LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE:FTI) (Paris:FTI) (ISIN:GB00BDSFG982) has been awarded a contract by an affiliate of ExxonMobil Corporation (NYSE: XOM) for the engineering of the subsea system for the proposed Liza Phase 2 project.
Following engineering and subject to requisite government approvals, project sanction and an authorization to proceed with the next phase, TechnipFMC will then manufacture and deliver the subsea equipment. Delivery would include 30 enhanced vertical deep water trees and associated tooling, as well as eight manifolds and associated controls and tie-in equipment.
“We are very pleased that ExxonMobil has selected TechnipFMC to commence engineering for the Liza Phase 2 subsea equipment. We share ExxonMobil’s values of collaboration, trust, and overall commitment to operational excellence and the successful long-term development of the project,” said Doug Pferdehirt, CEO of TechnipFMC.
In support of this project, TechnipFMC will continue hiring and training Guyanese engineers.
The Liza Phase 2 development is located approximately 193 km (120 miles) offshore Guyana on the Stabroek Block with water depths of 1,500 m (4,900 ft) to 1,900 m (6,200 ft). ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL), is the operator.
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 “estimated”, “aimed”, “scheduled” and 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. Known material factors that could cause our actual results to differ from those in the forward-looking statements include our ability to successfully deliver, and ExxonMobil’s acceptance of, the subsea products ordered, as well as our ability to hire and train the necessary engineers for the project. For additional 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 Registration Statement on Form S-4, 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.
TechnipFMC is a global leader in subsea, onshore/offshore, and surface projects. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our clients’ project economics.
We are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our clients in developing their oil and gas resources.
Each of our more than 37,000 employees is driven by a steady commitment to clients and a culture of purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
To learn more about us and how we are enhancing the performance of the world’s energy industry, go to TechnipFMC.com and follow us on Twitter @TechnipFMC.
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