TechnipFMC (NYSE: FTI) has been awarded a substantial(1) master services agreement (MSA) for subsea services with Petrobras. The three-year contract has an option to extend for a further two years.
TechnipFMC will provide life-of-field services to support its installed base offshore Brazil. The contract covers installation, intervention, and maintenance of both equipment and tooling, as well as technical support for subsea umblicals, risers and flowlines.
The agreement succeeds a previous MSA and supports Petrobras’s increased volume of operations. Services will be supplied from TechnipFMC’s base in Macaé, Brazil.
Jonathan Landes, President, Subsea at TechnipFMC, commented: “This new MSA continues our enduring partnership with Petrobras. We are delighted to continue this relationship through this direct award. For 40 years, we have provided services from Macaé, demonstrating the strength of our commitment to delivering services using our in-country workforce.”
(1) For TechnipFMC, a “substantial” contract is between $250 million and $500 million. Note: a portion of this inbound order was included in the Company’s fourth quarter 2022 financial results. A portion of this award will be inbound in future periods.