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26 Jan 2024
‘Big 3’ US OFS 4Q23 read-across and project news wrap
Saipem (SPM:BIT), 0 | Saipem S.p.A. (SPM:MIL), 0 | Vallourec (VK:EPA), 0 | Vallourec SA (VK:PAR), 0 | CGG (CGG:EPA), 0 | Viridien (VIRI:PAR), 0 | SBM Offshore NV (SBMO:AMS), 0 | TechnipFMC PLC (FTI:NYSE), 0 | TechnipFMC plc (FTI:NYS), 0 | SUBSEA 7 (SUBC:STO), 0 | Subsea 7 S.A. (SUBC:OSL), 0 | Petrofac Limited (PFC:LON), 3.8 | Gaztransport & Technigaz (GTT:EPA), 0 | Gaztransport & Technigaz SA (GTT:PAR), 0 | AKER SOLUTIONS (AKSO:STO), 0 | Aker Solutions ASA (AKSO:OSL), 0 | Technip Energies NV (TE:PAR), 0

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‘Big 3’ US OFS 4Q23 read-across and project news wrap
Saipem (SPM:BIT), 0 | Saipem S.p.A. (SPM:MIL), 0 | Vallourec (VK:EPA), 0 | Vallourec SA (VK:PAR), 0 | CGG (CGG:EPA), 0 | Viridien (VIRI:PAR), 0 | SBM Offshore NV (SBMO:AMS), 0 | TechnipFMC PLC (FTI:NYSE), 0 | TechnipFMC plc (FTI:NYS), 0 | SUBSEA 7 (SUBC:STO), 0 | Subsea 7 S.A. (SUBC:OSL), 0 | Petrofac Limited (PFC:LON), 3.8 | Gaztransport & Technigaz (GTT:EPA), 0 | Gaztransport & Technigaz SA (GTT:PAR), 0 | AKER SOLUTIONS (AKSO:STO), 0 | Aker Solutions ASA (AKSO:OSL), 0 | Technip Energies NV (TE:PAR), 0
- Published:
26 Jan 2024 -
Author:
Thomson Daniel DT -
Pages:
10 -
Offshore project news: Safaniyah, Buzios and Cameia awards on the horizon
Key contracting newsflow this week includes industry news reports that Saipem and the pairing of Subsea 7 and LandT are amongst the frontrunners for the award of up to c.$10bn of offshore EPCI contracts by Aramco for works on its Safaniyah oilfield. In Brazil, SUBC and SPM recently submitted bids for a pair of SURF tenders worth c.$1bn+ for Petrobras'' Buzios 9 and 10 FPSO projects, while in Angola, TotalEnergies'' Cameia project may begin construction in July with SPM the frontrunner for the supply of the FPSO. Elsewhere, Chevron''s Nargis gas project offshore Egypt and Energean''s Katlan offshore Israel appear to be nearing FID this year, with Subsea 7 and TechnipFMC strong contenders for the subsea scopes in our view.
Onshore and LNG: Technip Energies well-positioned for multiple LNG workscopes
In LNG news, Middle East industry news sources report that Technip Energies has been selected by TotalEnergies as the main EPC contractor for its planned c.$1bn+ Marsa LNG bunkering and export terminal in Oman. The IMF said in a recent report that work is likely to resume on TotalEnergies'' Mozambique LNG project in early 2024 (SPM relevant), while in Nigeria UTM has said it expects to take FID on its $2bn Yoho FLNG project before the end of the quarter, for which we understand a consortium including Technip Energies will construct the vessel.
US Big 3 OFS reporting - positive read-across for our offshore focused coverage
SLB, Halliburton and Baker Hughes maintained a bullish outlook for growth in international EandP capex this year in the high single-digit to low double-digit range on earnings calls over the past week. With SLB anticipating $100bn of offshore FIDs in both 2024 and 2025, growth in spending beyond the middle of the decade would appear well underpinned, with positive read-across to Subsea 7, Saipem, TechnipFMC, Aker Solutions, SBM Offshore and Vallourec. The grouping''s...