TechnipFMC wins iEPCI contract for Energean’s Mediterranean Katlan project

TechnipFMC (NYSE: FTI) has been awarded a significant integrated Engineering, Procurement, Construction, and Installation (iEPCI) contract by Energean for its Katlan development project in the Mediterranean Sea. The value of the contract ranges between $500 million and $1 billion. This marks a notable milestone as Energean’s inaugural project utilizing TechnipFMC’s configure-to-order Subsea 2.0 production systems.

The awarded contract encompasses the comprehensive design, manufacturing, and installation of production systems, subsea pipelines, umbilicals, and associated structures. TechnipFMC’s role extends to optimizing the field layout through an integrated Front End Engineering and Design (iFEED) study. This approach aims to enhance both the commercial and technological aspects of the field development.

The subsea infrastructure developed under this contract will be linked to the Energean Power floating production, storage, and offloading (FPSO) vessel, which is currently operational in the Karish and Karish North developments. TechnipFMC has previously delivered integrated subsea solutions for these projects using the same iEPCI execution model.

Jonathan Landes, President of Subsea at TechnipFMC, highlighted that combining iFEED to optimize the field layout with the Subsea 2.0 platform and the integrated project execution model significantly accelerates the time to first production at Katlan. He emphasized that this contract represents another successful iEPCI collaboration with Energean, reinforcing the strong partnership between the two companies and TechnipFMC’s commitment to delivering improved project economics.

This substantial contract underscores TechnipFMC’s advancing capabilities in subsea production systems and their effectiveness in leveraging integrated project execution models. By deploying the Subsea 2.0 technology, TechnipFMC not only demonstrates its technical prowess but also highlights a trend towards more efficient and economically viable subsea projects. The strategic integration of iFEED in the early stages is likely to set a new standard for optimizing offshore field development.