TechnipFMC Gets Green Light for CO2 Capture & Storage Project in UK

TechnipFMC plc FTI, a Houston, TX-based oil and gas equipment and services company, has received the full notice to proceed with its contract to provide an all-electric subsea system for the Northern Endurance Partnership's (“NEP”) transformative carbon dioxide (CO2) transportation and storage project. This significant development marks a major milestone in the energy transition, particularly within the United Kingdom's East Coast Cluster and supports FTI’s leadership in subsea technologies and carbon capture solutions. FTI's Role in the All-Electric Subsea SystemThe contract, worth between $500 million and $1 billion, includes the design, supply and installation of an all-electric subsea system that will be essential for transporting and storing CO2 for NEP. This innovative solution will utilize FTI’s proprietary integrated Engineering, Procurement, Construction and Installation (iEPCI) execution model, designed to optimize project efficiency and ensure seamless integration of cutting-edge technologies. This award was recorded as part of inbound orders for the third quarter of 2024.The scope of the contract includes the installation of subsea trees, manifolds, umbilicals and infield flowlines. This advanced subsea system will be powered by all-electric technology, enabling FTI to meet the extended distances required by the project, positioning it at the forefront of energy transformation and sustainability efforts within the offshore energy sector. NEP: Pioneering Carbon Capture & Storage in UKNEP, a joint venture comprising BP plc BP, Equinor ASA EQNR and TotalEnergies SE TTE, is driving the United Kingdom’s largest carbon capture and storage project. The initiative is central to the East Coast Cluster, one of the most ambitious carbon storage projects in Europe, with the aim of significantly reducing the country’s carbon emissions.As part of this transformative initiative, NEP has been working on developing the infrastructure necessary to capture, transport and store carbon dioxide from multiple industrial sources. The successful execution of this project is a critical step in achieving the United Kingdom’s carbon neutrality goals, particularly as the country strives to meet its Net Zero targets by 2050.FTI’s subsea technology and its proven track record in carbon storage projects make the company the ideal partner for NEP in this venture. The company’s expertise in subsea systems and its ability to deploy all-electric solutions at scale will enable the project to operate with enhanced efficiency and a reduced carbon footprint. FTI’s Technological Innovation: All-Electric iEPCI Execution ModelFTI’s integrated iEPCI execution model stands as a revolutionary advancement in subsea project delivery. By combining engineering, procurement, construction and installation into a single streamlined process, this model maximizes operational efficiency while minimizing project costs and delivery timelines. In the context of the all-electric subsea system for CO2 storage, iEPCI will ensure a seamless and efficient execution, accelerating the timeline for deploying the infrastructure critical to the carbon capture initiative.One of the standout features of the project is the utilization of all-electric subsea equipment, a major leap forward in the energy industry. Traditional subsea systems typically rely on hydraulic or mechanical power, but FTI’s all-electric solutions are designed to operate with greater efficiency, lower maintenance costs and reduced environmental impact. This approach not only makes the subsea infrastructure more reliable but also aligns perfectly with the broader goals of reducing greenhouse gas emissions and promoting sustainability in offshore energy production. FTI’s Commitment to Sustainability & Carbon ReductionThe award of this contract highlights TechnipFMC's commitment to sustainability and carbon reduction technologies. By deploying all-electric subsea systems, the company is helping to usher in a new era of clean energy that is both economically viable and environmentally responsible. This project will serve as a benchmark for future subsea and offshore carbon capture technologies, setting the stage for broader industry adoption.FTI’s role in this all-electric subsea project is a testament to its ability to innovate and deliver complex, large-scale solutions for the energy sector. The company’s leadership in subsea engineering, combined with its focus on green technologies and energy efficiency, positions FTI as a key player in the global push toward carbon-neutral energy solutions. Outlook: FTI’s Growing Role in the Energy TransitionThe successful execution of the all-electric subsea system for NEP will not only mark a significant achievement for FTI but also solidify its position as a leader in sustainable energy solutions. As the global energy sector continues to shift toward renewable energy and carbon reduction, FTI is well-positioned to expand its influence in carbon capture and storage, offshore energy and green technology development.Overall, the partnership between FTI and the Northern Endurance Partnership marks a key moment in the energy transition, with the deployment of all-electric subsea systems setting a new standard for carbon storage and transportation projects. This ambitious venture will not only contribute to the United Kingdom’s sustainability goals but also position FTI at the forefront of technological innovation in the subsea energy industry. FTI’s Zacks RankCurrently, FTI, BP, EQNR and TTE each holds a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Zacks Naming Top 10 Stocks for 2025Want to be tipped off early to our 10 top picks for the entirety of 2025?History suggests their performance could be sensational.From 2012 (when our Director of Research Sheraz Mian assumed responsibility for the portfolio) through November, 2024, the Zacks Top 10 Stocks gained +2,112.6%, more than QUADRUPLING the S&P 500’s +475.6%. Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2025. Don’t miss your chance to get in on these stocks when they’re released on January 2.Be First to New Top 10 Stocks >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP): Free Stock Analysis Report TechnipFMC plc (FTI): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks