Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) was awarded by Statoil ASA an important
(1) lump sum contract for pipelay and subsea installations for the Snøhvit CO
2 Solution project. The Snøhvit field is located approximately 140 kilometers north-west of Hammerfest in Norway, in the Arctic Circle, and has been in operation since 2007, following the successful installation of the subsea infrastructure by Technip.
The production of natural gas of this field is based on CO
2 being separated at the Melkøya onshore plant and re-injected into the field. The Snøhvit project development will establish an additional well at a new CO
2 injection template
(2) as well as prepare for gas production from existing templates.
This contract covers:
- fabrication and installation of flowlines (3), including two 5-kilometer 13% chrome stainless steel production flowline and a 5-kilometer CO 2 injection flowline,
- installation and tie-ins of spools, jumpers and umbilicals (4),
- installation of a new combined production and injection template and manifold (5).
It will be executed by Technip’s operating center in Oslo, Norway. The flowline will be welded at Technip’s spoolbase in Orkanger, Norway, while installation will be performed by the Apache II in the first half of 2015. Installation of the associated umbilicals, template, manifold, spools and other subsea equipment will be performed by vessels from Technip’s fleet.
Odd Strømsnes, Managing Director of Technip in Norway, stated: "
This award confirms Technip's leading position as the contractor of choice for marine installation projects in the Arctic. It also demonstrates our unique abilities when it comes to the fabrication and complex reeling of larger diameter stainless steel flowlines.
For Technip, an “important” subsea contract is ranging from €50 to 100 million.
Template: a steel protection structure with integrated manifolds and wellheads
Flowline: a pipe, laid on the seabed, which allows the transportation of oil/gas production or injection of fluids. Its length can vary from a few hundred metres to several kilometers
Umbilical: an assembly of thermoplastic and steel tube hoses which can also include electrical cables or optic fibres used to control subsea structures from a platform or a vessel
Manifold: a piece of pipe with several lateral outlets and/or inlets for connecting one pipe with others.
Technip is a world leader in project management, engineering and construction for the energy industry.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts