TechnipFMC wins contract from bp for Argos Southwest Extension project

TechnipFMC (NYSE: FTI), a global leader in oil and gas projects, has been awarded a significant contract, valued between $75 million and $250 million, by bp (LON: BP) for the Argos Southwest Extension project in the Mad Dog field. This major contract highlights the growing investment and technological advancements in deepwater oil exploration in the Gulf of Mexico.

Subsea Installation and Pipeline Work

Under this contract, TechnipFMC will undertake the installation of pipe and an umbilical system, key to connecting three new wells to the Argos platform. This work is pivotal in enhancing the production capabilities of the Mad Dog field, demonstrating TechnipFMC’s leading-edge subsea installation and execution capabilities.

TechnipFMC and bp: A Long-Standing Partnership

Jonathan Landes, President of Subsea at TechnipFMC, commented on the collaboration: “We have a long-standing relationship with bp, underpinned by close collaboration. This partnership, combined with our robust installation and execution capabilities, enables us to meet bp’s schedule to extend the production in the Mad Dog field.”

This statement underscores the synergistic partnership between TechnipFMC and bp, a relationship that has been instrumental in advancing deepwater exploration and production.

Argos Southwest Extension Project Overview

The Argos Southwest Extension project, operated by bp, is part of the larger Mad Dog field, which is a significant deepwater oil project in the US Gulf of Mexico. The field is a collaborative effort, with bp holding a 60.5% stake, Woodside Energy at 23.9%, and Chevron with 15.6%. The project is set to start operations beyond 2024, marking a new era in deepwater oil production.

TechnipFMC’s Role in Subsea Innovation

TechnipFMC’s contract also includes the manufacturing and installation of pipeline end terminations, a critical component in the subsea infrastructure. This award, which was included in the fourth quarter 2023 Subsea inbound orders, demonstrates TechnipFMC’s expertise in subsea technology and its significant role in advancing the offshore oil and gas industry.

The Argos Southwest Extension project is a testament to the ongoing innovation and development in the oil and gas sector, particularly in deepwater environments. Through this project, TechnipFMC and bp are set to make a significant impact on energy production efficiency and the advancement of subsea exploration technologies.