TechnipFMC (FTI) Clinches Coral South FLNG Project Contract

Energy services company, TechnipFMC plc (NYSE:FTI) , recently won an engineering, procurement, construction, installation, commissioning and start-up contract for Coral FLNG project offshore Mozambique. The contract was awarded by CORAL FLNG SA to TechnipFMC, along with JGC Corporation and Samsung (KS:005930) Heavy Industries, who are partners in the TJS Consortium.

The TJS consortium, led by TechnipFMC, will cover the project’s associated risers and subsea flowline system, as well as the installation of the umbilical and subsea equipment. The floating liquefied natural gas (FLNG) facility will be designed to produce around 3.4 metric tonnes per annum of liquefied natural gas.

TechnipFMC is particularly well positioned in the subsea systems market. It is the company’s largest and fastest-growing business and contributes the maximum revenues. This FLNG award is a key achievement for TechnipFMC and will strengthen its position on the floating LNG market

Coral FLNG SA is special purpose entity incorporated in Mozambique, owner of the FLNG facility and jointly owned by Italian major Eni SpA (NYSE:E) , CNODC Mozambique B.V., ENH FLNG UM, SA, Galp Energia Rovuma B.V. and KG Mozambique Ltd. The Coral South FLNG project was sanctioned on Jun 1 by Eni.

Zacks Rank & Key Picks

London-based TechnipFMC is a leading manufacturer and supplier of technology solutions for the energy industry.

The company, which reached its current form following the Jan 2017 merger between Technip (PA:FTI) and FMC Technologies, is engaged in the designing, producing and servicing technologically sophisticated systems and products for subsea, onshore/offshore, and surface projects. The company, under the Zacks categorized Oil & Gas Field Services industry, currently carries a Zacks Rank #3 (Hold).

TechnipFMC plc. Price

Some better-ranked players in the broader energy space include Canadian Natural Resources Limited (TO:CNQ) and Braskem S.A. (NYSE:BAK) . Both the companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Canadian Natural Resources is expected to witness year-over-year growth of 47.41% and 702.38% in its revenues and earnings respectively in 2017.

Braskem reported positive average earnings surprise of 107.79% in the preceding four quarters.

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