TechnipFMC plc FTI has been awarded a significant contract by Ithaca Energy to deliver flexible risers, flowlines and associated hardware for the Captain field development in the U.K. North Sea. Valued between $75 million and $250 million, the contract further solidifies the company’s long-standing role in supporting mature-field redevelopment and enhanced oil recovery (EOR) projects.
Scope of the Project
TechnipFMC will not only deliver the flexible risers but will also adopt an integrated approach to design, manufacture and install the flexible risers and all the other associated hardware with them. By adopting an integrated approach toward project execution, the company ensures that each phase of the project, from design and manufacturing to installation, is executed seamlessly. This model streamlines operations and minimizes the risk of delays, providing clients with a higher degree of certainty and control. The ability to offer an integrated solution allows TechnipFMC to deliver substantial improvements in the overall performance of its major projects.
Enhancing Production Through Advanced Flexible Pipe Solutions
The Captain field lies approximately 90 miles northeast of Aberdeen, Scotland and was first brought online in 1997. The field has undergone continuous technology upgrades — most notably the second phase of its EOR initiative in 2024, where TechnipFMC played a key role. The new award builds on over a decade of collaboration between the two companies, focusing on optimizing field layout and deploying efficient, production-boosting flexible riser systems.
The company highlighted that the partnership has consistently delivered value, noting their joint effort to design solutions that support Ithaca’s long-term development and expansion goals.
Reinforcing Leadership in Subsea Technology
This contract underscores TechnipFMC’s strategy of delivering flexible pipe technology tailored to mature assets seeking enhanced recovery and sustained output. Through its proprietary technologies and integrated subsea solutions — such as iEPCI™, iFEED™ and digital innovations — the company continues to reshape project economics while supporting clients’ energy transition ambitions.
Recently, FTI also secured a significant integrated Engineering, Procurement, Construction and Installation (iEPCI) contract for the deepwater Maha project, located offshore Indonesia, to deliver high-quality subsea solutions.
FTI’s Broader Vision for Energy Development
Operating across Subsea and Surface Technologies, TechnipFMC remains focused on enabling efficient, lower-carbon energy development. Its ongoing contributions to the U.K. North Sea highlight not only technical leadership but also the company’s commitment to supporting regional production resilience and future growth.
FTI’s Zacks Rank & Key Picks
Newcastle & Houston-based TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. Currently, FTI carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may consider some top-ranked stocks like Baytex Energy Corp. BTE, Plains GP Holdings, L.P. PAGP and Natural Gas Services Group, Inc. NGS, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Baytex Energy is a conventional oil and gas income trust focused on maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders. The Zacks Consensus Estimate for BTE’s 2025 earnings indicates 9.5% year-over-year growth.
Houston-based Plains GP Holdings, through its subsidiaries, is involved in the transportation, storage, terminalling and marketing of crude oil and refined products. The Zacks Consensus Estimate for PAGP’s 2025 earnings indicates 175% year-over-year growth.
Natural Gas Services manufactures, fabricates, sells, rents and services natural gas compressors that enhance the production of natural gas wells. The Zacks Consensus Estimate for NGS’ 2025 earnings indicates 13.3% year-over-year growth.
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TechnipFMC plc (FTI): Free Stock Analysis Report Natural Gas Services Group, Inc. (NGS): Free Stock Analysis Report Baytex Energy Corp (BTE): Free Stock Analysis Report Plains Group Holdings, L.P. (PAGP): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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