TechnipFMC Awarded Significant Flexible Pipe Contract by Ithaca Energy

Key Terms

flexible risers technical

Flexible risers are long, bendable pipe assemblies that carry oil, gas or other fluids between seabed wells and floating or surface facilities, functioning like a reinforced, flexible garden hose for deepwater operations. Investors care because their durability and performance directly affect production uptime, maintenance costs and environmental safety; failures or costly replacements can reduce revenue, raise liabilities and influence the value of companies in offshore energy and services.

flowlines technical

Flowlines are the pipes or tubing that move oil, gas, or produced water from individual wells and production equipment to processing facilities, storage tanks, or larger transmission pipelines; they can be onshore, offshore, or subsea. For investors, flowlines matter because their condition, capacity and routing directly affect how much product can be brought to market, the cost and timing of production, and the risk of downtime, leaks or extra cleanup — like a driveway that must be clear for goods to reach the main road.

enhanced oil recovery technical

Enhanced oil recovery is a set of techniques used to extract additional oil from a reservoir after the easy-to-reach portion has been produced, for example by injecting water, gas or chemicals to push or loosen remaining oil—like rinsing a sponge to get the last drops. It matters to investors because it can significantly increase a field’s output and cash flow, extend the life of assets, and change cost, environmental and regulatory risk profiles for an oil project.

forward-looking statements regulatory

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Form 10-K regulatory

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

Form 10-Q regulatory

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded a significant⁽¹⁾ contract by Ithaca Energy for flexible risers on the Captain development in the U.K. North Sea.

TechnipFMC will design, manufacture, and install flexible risers, flowlines, and associated hardware. The Captain field has benefited from technology enhancements since first production in 1997, including the second phase of an enhanced oil recovery project supported by TechnipFMC in 2024.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “TechnipFMC has supported Ithaca on several subsea developments for more than a decade. We collaborated on the Captain field to optimize the layout and provide a flexible riser solution that can enhance production. We look forward to strengthening our relationship and helping enable their future development and expansion ambitions.”

(1) For TechnipFMC, a “significant” contract is between $75 million and $250 million.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, including our assumptions and projections regarding the expected benefits of the awarded contract, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete^®), technology leadership and digital innovation.

Each of our approximately 21,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on X @TechnipFMC.

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