TechnipFMC Secures Two Petrobras Subsea Contracts in Brazil

Group 1 - TechnipFMC has been awarded two significant subsea contracts by Petrobras, marking a crucial advancement in the development of Brazil's offshore hydrocarbon resources [1] - The first contract involves the design, engineering, and manufacturing of flexible riser pipes, valued between $250 million and $500 million [2] - The second contract focuses on subsea production systems for the Atapu 2, Sepia 2, and Roncador projects, with expected inbound orders between $75 million and $250 million [4] Group 2 - The Atapu and Sepia fields are in their second development phase, with new FPSO vessels expected to increase production capacity by 225,000 barrels of oil per day [5] - The Roncador field, operated by Petrobras, is also set to enhance its production capabilities following the award of the contracts to TechnipFMC [6] - TechnipFMC's previous involvement in the Búzios fields reinforces its leadership in flexible pipe technology and standardized equipment platforms [3] Group 3 - TechnipFMC is recognized as a leading manufacturer and supplier of integrated technology solutions for the energy sector, currently holding a Zacks Rank 2 (Buy) [7] - Other notable stocks in the energy sector include PEDEVCO Corp. and VAALCO Energy, with PEDEVCO showing a 33.3% improvement in earnings estimates for 2024 [8]