Benzinga | Dec 7, 2021 04:20PM EST

TechnipFMC Awarded Multi-Year Surface Technologies Contract; Terms Not Disclosed

TechnipFMC (NYSE:FTI) (PARIS:FTI), through Gulf Automation Services and Oilfield Supplies LLC, has been awarded a major(1) 10-year framework agreement for wellheads, trees and associated services by the Abu Dhabi National Oil Company (ADNOC).

Under the framework agreement, TechnipFMC will further grow in-country talent and expand existing manufacturing, assembly and test capabilities in Abu Dhabi in order to deliver the Company's complete portfolio of surface wellheads and trees locally.

Barry Glickman, President, Surface Technologies at TechnipFMC, commented: "This is our largest-ever Surface Technologies contract. It's founded on the trust built over our multi-decade partnership with ADNOC and our track record of product and digital innovation, execution and continuous improvement. The longevity of the agreement demonstrates ADNOC's confidence in our ability to comprehensively broaden our capabilities in-country, positioning us to meet ADNOC's needs now and in the future."

(1) For TechnipFMC, a "major" contract is over $1 billion. A portion of this award will be inbound in future periods.