Norway-based integrated oil and gas company Statoil (OL:STL) ASA (NYSE:STO) recently provided a contract extension to oil drilling equipment maker TechnipFMC plc (NYSE:FTI) . The contract builds on an existing Engineering, Procurement and Construction (EPC) deal for improved oil recovery operations at the Visund Nord field in the Norwegian North Sea.
Contract Details
The present EPC operations cover subsea equipment that incorporates template structure, manifold, and two subsea trees. It also maintains the wellheads and carries out modifications of control systems associated with the Visund Nord IOR project. The extension of the contract will cover installation of the template structure and manifold, further adding delivery and installation of flow-line spool and umbilical. The extension will be carried out as an integrated Engineering, Procurement, Construction and Installation (iEPCI) contract.
About Visund Nord
The Visund Nord offshore oil and gas field is located in blocks PL120: 34/8 and 34/7, 22 kilometers north-east of the Gullfaks field in the Tampen area. The distance between this field and the Visund A platform is 10 kilometers. Production started in Nov 2013. The products are transported to Gullfaks for storage and export through a pipeline. The Visund Nord’s recoverable reserves have been estimated at approximately 29 million barrels of oil equivalents.
About the Company
Statoil is one of the world's biggest sellers of crude oil. It is also a major supplier of natural gas in the European market and has substantial industrial operations. The company is one of the world's most environmentally-efficient producers and transporters of oil and gas. It is headquartered in Stavanger, Norway.
Price Performance
Statoil’s price performance in the last one year has been impressive. During this period, Statoil’s shares have gained 3.7% while the Zacks categorized Oil & Gas-Intl Integrated industry registered an increase of 0.9%.
Zacks Rank and Stocks to Consider
Statoil currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the energy sector are Delek US Holdings, Inc. (NYSE:DK) and Enbridge Energy, L.P. (NYSE:EEP) . Both these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek US Holdings’ sales for 2017 are expected to increase 71.35% year over year. The company came up with a positive average earnings surprise of 60.68% in the last four quarters.
Enbridge Energy’s sales for the second quarter of 2017 are expected to increase 13.17% year over year. The partnership delivered an average positive earnings surprise of 38.22% in the last four quarters.
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