TechnipFMC Enters Partnership with Magnora to Develop Floating Offshore Wind Projects

TechnipFMC (NYSE:FTI) (PARIS:FTI) today announced it has entered into an agreement with Magnora ASA (Magnora) to jointly pursue floating offshore wind project development opportunities under the name Magnora Offshore Wind.

Magnora holds a strategic position within the renewable energy sector as an owner in offshore wind, onshore wind, and solar development projects and is a key enabler in solar energy technologies.

When combined with TechnipFMC’s unique technologies, experience delivering integrated EPCI (iEPCI™) projects and its novel Deep Purple™ initiative to integrate wind and wave energy with offshore green hydrogen storage, this partnership will enable Magnora Offshore Wind to realize significant opportunities in the growing offshore floating wind market.

Magnora Offshore Wind has already commenced operations and started work on an application for the first round of seabed leasing through the Scottish government’s ScotWind Leasing program. In addition, Magnora Offshore Wind will participate in the first offshore wind application round in Norway, which opens in 2021, and will also consider entering new markets in the coming months.

Jonathan Landes, President Subsea at TechnipFMC, commented: “Magnora and TechnipFMC bring together decades of combined knowledge regarding the development of profitable offshore energy projects. This partnership reflects TechnipFMC’s ambition to capture a significant position in the renewable offshore energy market. We are delighted to support Magnora Offshore Wind by providing our expertise and know-how in bringing innovative offshore energy solutions to the market.”

Torstein Sanness, Executive Chairman of Magnora, says: “In Magnora you find some of the world’s leading experts within wind development. Coupled with TechnipFMC’s project management competence and extensive service and technology portfolio, we believe we can provide a market-leading floating offshore wind offering. TechnipFMC’s ‘Deep Purple™’ initiative, which utilizes offshore wind to produce hydrogen for offshore assets, is another exciting avenue we will be jointly looking to explore.”

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 “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, 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 20,000 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 Twitter @TechnipFMC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005823/en/