TechnipFMC Awarded $250 Million Contract

On December 19, TechnipFMC (FTI) announced that the company has been awarded a contract totaling over $250 million from VNG Norge. TechnipFMC will be responsible for integrated engineering, procurement, construction, and installation (iEPCI) on the Fenja field in the Norwegian Sea off the coast of Norway. This is TechnipFMC’s sixth iEPCI contract award and the largest to date. When completed, the Fenja Project will have the longest electrically trace heated (ETH) pipeline in the world.

Sonal caught the event and issued an alert at 4:30 pm on December 19. The next trade took place at 4:50 pm for $28.69. The stock opened for regular market trading the next morning at $28.99. The price trended upwards throughout the day and closed at $29.86 on December 20.

The stock price continued to trend higher over the next five trading sessions. On December 28, the stock closed at $31.41, which was a gain of 9.5% following the event.

 

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