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Yesterday, Exxon Mobil Corporation (NYSE:XOM) awarded a large contract to TechnipFMC (NYSE:FTI) for its Guyana’s Stabroek Block.
As per the terms, TechnipFMC will supply subsea production systems for the Whiptail project.
In particular, TechnipFMC will offer project management, engineering, and manufacturing to deliver 48 subsea trees and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment.
For TechnipFMC, a “large” contract is between $500 million and $1 billion. This award will be included in inbound orders in the second quarter of 2024.
Jonathan Landes, President, Subsea at TechnipFMC, said: “ExxonMobil Guyana will utilize our Subsea 2.0® systems and manifolds, which help provide schedule certainty. We have already delivered more than 100 subsea trees for ExxonMobil Guyana – the location of one of the world’s fastest developing basins – and we look forward to deepening our relationship with them through Whiptail.”
Last week, Exxon and Hess Corporation (NYSE:HES) made a final investment decision for the Whiptail development offshore Guyana following receiving the required government and regulatory approvals.
The Whiptail project, worth $12.7 billion, will target an estimated resource base of more than 850 million barrels of oil and include up to 10 drill centers with 48 production and injection wells.
Investors can gain exposure to the XOM stock via Energy Select Sector SPDR Fund (NYSE:XLE) and IShares U.S. Energy ETF (NYSE:IYE).
Price Action: XOM shares are down 0.74% at $118.807 on the last check Tuesday.
Photo: Del Henderson Jr. via Shutterstock
