TechnipFMC (NYSE: FTI) has been awarded a significant(1) contract by Equinor to provide riserless light well intervention (RLWI) services on the Norwegian Continental Shelf.
The two-year contract runs from 2024 to 2025, with options to extend for each of the three subsequent years. TechnipFMC will provide production enhancement, production data, and pre-plug-and-abandonment services to Equinor using the RLWI method. RLWI enables well interventions from a monohull vessel, eliminating the need for a riser and the rig required to connect the riser to the subsea well. Instead, remotely operated Well Control Systems are used to facilitate operations on the seabed. This reduces cost and complexity, increases efficiency, and accelerates the timeframe for increased
production.
Jonathan Landes, President, Subsea at TechnipFMC, commented: “TechnipFMC has been providing RLWI services to Equinor since 2006. Over that period, the average duration of an intervention has been reduced by nearly two-thirds thanks to improvements in process and technology, aided by the collaborative relationship with Equinor’s dedicated RLWI team. It is a pleasure to continue developing that relationship as we help our client meet demand for energy.”
(1) For TechnipFMC, a “significant” contract is between $75 million and $250 million.
This award will be included in inbound orders in the second quarter of 2023.
