TechnipFMC Lands EPC Contract for Offshore Natural Gas Project in Vietnam

SEATTLE (Oil Monster):  Houston and Paris-based oilfield service company TechnipFMC has landed an engineering, procurement and construction contract for an offshore natural gas project off the coast of Vietnam.

In a statement released early Tuesday morning, TechnipFMC announced receiving a EPC contract from PetroVietnam Gas. Financial terms were not disclosed but TechnipFMC described the deal as "significant contract" worth between $75 million and $250 million.

Under the contract, TechnipFMC will install underwater natural gas equipment and build an underwater pipeline for the second phase of PetroVietnam's Nam Con Son 2 project. The 73-mile pipeline will move natural gas from the offshore Nam Con Son and Cuu Long basins to the Long Hai Landfall Station.

"This pipeline collects and transports gas from several reserves to help meet the demand in Southeast Vietnam, and we look forward to collaborating with PetroVietnam Gas on this project," TechnipFMC Subsea President Arnaud Pieton said in a statement.

TechnipFMC's contract comes at a time when Vietnam is switching away from coal to cleaner forms of power such as natural gas.

Vietnam's Bac Lieu Province recently signed a deal with Singapore-based Delta Offshore Energy and Australian liquefied natural gas company LNG Limited to develop an offshore LNG import import and underwater pipeline that will feed a natural gas-fired power plant.

Created by the January 2017 merger of Paris-based Technip and Houston-based FMC Technologies, TechnipFMC has more than 37,000 employees in nearly 50 nations. The company posted a $1.9 billion loss on $12.6 billion of revenue in 2018.

In August, TechnipFMC announced that the company will be split into two independent and publicly traded companies that have been given the placeholder names RemainCo and SpinCo.

RemainCo will focus on technology, services and development projects while SpinCo will be an energy sector engineering, procurement and construction company.

Courtesy: www.chron.com