TechnipFMC (FTI), Partner Win Wind Project Bid in Scotland

·3 min read

French-American, U.K.-domiciled oilfield services major, TechnipFMC FTI, in partnership with the Norwegian renewable energy development company, Magnora ASA, has jointly secured rights for the development of a 500 megawatt (MW) floating wind project in the N3 area. This is about 40 km offshore the Western Isles in the northwest region of Scotland, which could power more than 600,000 households in the United Kingdom.

Magnora Offshore Wind AS, an entity that was set up in January 2021 to utilize Magnora’s expertise in renewable and offshore project development and TechnipFMC’s experience in implementing big integrated offshore projects, entered into the ScotWind leasing round conducted by Crown Estate Scotland and was offered the opportunity to enter into an Option Agreement for the clean energy project.

The proposed wind farm will cover an area of about 100 square kilometers having 33 semi-submersible floating wind turbines of 15 MW capacity apiece. The partnership plans to achieve consent in 2026, make the final investment decision in 2028, and start production by 2030. The aim of this project is to contribute to Scotland’s net-zero targets.

TechnipFMC plc is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company reached its current form following the January 2017 merger between Technip and FMC Technologies.

TechnipFMC currently has Zacks Rank #3 (Hold). Investors might want to look at some better-ranked stocks from the energy sector, including ExxonMobil XOM, Eni E, and Equinor EQNR, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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The Zacks Consensus Estimate for Equinor’s 2022 earnings has been revised upward three times over the past 60 days from $3.46 to $ 3.87 per share. The EQNR stock has increased around 48.3% in a year.


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